- Fortuna Silver Mines (FVI) has updated construction activities at its Séguéla Gold Project in Côte d’Ivoire
- The company is building a 3,750 tonne per day mill at Séguéla, with the first gold pour expected in mid-2023
- As of May 31, 2022, $143.8 million of the total approved budget of $173.5 million has been committed
- The project is 61 percent complete as of June 15, 2022
- Fortuna is advancing its organizational infrastructure in Côte d’Ivoire to prepare for the start of operations at Séguéla
- Fortuna Silver Mines Inc. is a Canadian precious metals mining company
- Fortuna Silver Mines Inc. (FVI) opened trading at C$4.01
Fortuna Silver Mines (FVI) has updated construction activities at its Séguéla Gold Project in Côte d’Ivoire.
In September of 2021, the company decided to proceed to build a 3,750 tonne per day mill at Séguéla, with first gold pour expected in mid-2023.
Paul Criddle, Fortuna’s Chief Operating Officer – West Africa, commented on the project.
“The Séguéla Project continues to advance in line with our expectations through a challenging supply market. Séguéla has transitioned through the design and procurement phases to having much of the critical earthworks and civil works out of the ground ahead of the upcoming wet season, in line with budget and schedule.” Mr. Criddle concluded, “Activities at the project site are ramping up ahead of planned gold pour in mid-2023.”
Construction highlights:
- Overall project is 61 percent complete as of June 15, 2022
- Approximately US$143.8 million committed as of May 31, 2022
- Majority of equipment packages secured and first deliveries arriving in Abidjan, Côte d´Ivoire
- All major construction contracts executed and contractor mobilizations underway
- All key scopes now commenced and construction advancing on the ground
- Mining contract executed with Mota-Engil and long lead equipment ordered
- Key mechanical equipment has begun arriving at site
- First gold pour remains on target for mid-2023
Fortuna is advancing its organizational infrastructure in Côte d’Ivoire to prepare for the start of operations at Séguéla, as well as establishing a regional office to service both Séguéla and the Yaramoko Mine.
Critical administration and logistics personnel are already in place, developing the systems and procedures required for this. Recruitment for the Séguéla operations group has commenced, with key senior members expected to be on board in the third quarter of 2022.
As of May 31, 2022, $143.8 million of the total approved budget of $173.5 million has been committed. These commitments include contracts for a guaranteed maximum price of $87 million, fixed-price contracts for $15.4 million, earthworks bill of quantity, and a schedule of rates for $13.7 million. The remaining commitments are comprised of employee salaries, equipment and material purchase orders, land compensation and livelihood restoration programs.
Fortuna believes that risks associated with the volatile market conditions and price escalations have been mitigated as far as practicable.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru and a fifth mine under construction in Côte d’Ivoire.
Fortuna Silver Mines Inc. (FVI) opened trading at C$4.01.
