Fortuna Mining (FSM, Financial) has finalized an agreement to sell its stake in Roxgold Sanu, the entity managing the Yaramoko Mine, along with three other wholly-owned subsidiaries in Burkina Faso, to Soleil Resources International (SRI). SRI, a private company based in Mauritius, operates multiple mines and holds various permits in Burkina Faso. This move will mark Fortuna's complete withdrawal from operations in the West African country.
As part of the transaction, SRI will acquire all shares of Fortuna's subsidiaries. Fortuna is set to receive a total cash consideration of approximately $130 million. The payment structure includes $70 million upon the transaction's closure, $57.5 million from cash dividends paid by Roxgold Sanu, and the potential to claim up to $53 million in value-added tax receivables, contingent on fulfilling certain conditions.
The deal remains subject to several conditions, including the completion of cash dividend payments from Roxgold Sanu to Fortuna, consent from the Minister of Mines, and other customary closing prerequisites. The transaction is anticipated to conclude in the second quarter of 2025.
