Fortuna Mining Corp. announced it has entered into a definitive share purchase agreement to sell its interest in Roxgold Sanu SA, which owns and operates the Yaramoko Mine, along with three other Burkina Faso subsidiaries, to Soleil Resources International Limited (SRI). This transaction will result in Fortuna ceasing all operations in Burkina Faso.
Under the terms of the agreement, Fortuna is set to receive an aggregate cash payment of approximately $130 million. This includes $70 million cash at closing, a $53.8 million cash dividend from Roxgold Sanu paid to Fortuna prior to closing, and the right to receive up to $53 million in VAT receivables. The transaction is subject to the consent of the Minister of Mines and customary closing conditions, with completion expected in the second quarter of 2025.
The divestiture is a strategic decision driven by the limited remaining life of mineral reserves at Yaramoko, the cessation of exploration activities in the country, and the increasingly challenging business climate in Burkina Faso. This prudent exit optimizes value for Fortuna, avoids approximately $20 million in future mine closure liabilities, and provides additional liquidity to pursue opportunities aligned with its strategic objectives.
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