Dig Deep Navigating Challenges in the Mining Industry: Insights from Fortuna's CEO on Resource Nationalism and ESG
In this episode, we chat with Jorge Ganoza, CEO of Fortuna Mining, who are multi-listed Canadian-based precious metals mining company established in 2004, with five operating mines and an advanced exploration project located in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, Peru, and Senegal.
Jorge is an experienced geological engineer who has worked on many mineral exploration, mining, and business development projects throughout Latin America and has worked in senior levels for several private and public Canadian junior mining companies during his career. He co-founded Fortuna Mining back in 2004 and shares his and the company’s journey since then, an update on all the projects, how they contribute to their local communities, their social and economic development of local communities and what is the future strategic direction of the company.
KEY TAKEAWAYS
- Since its inception in 2004, Fortuna Mining has grown from a small startup with limited resources to a significant player in the mining industry, generating nearly $1 billion in sales and employing over 5,000 people across multiple countries.
- The company strategically expanded into West Africa in 2021, acquiring Roxgold and establishing the Séguéla mine in Côte d'Ivoire as its flagship asset. This move was driven by the region's promising mineral endowment and growth potential.
- Fortuna Mining actively invests in local communities, contributing approximately $8 million annually to initiatives focused on infrastructure, education, health, and sustainable economic development. The company emphasises training local workers to develop skills that can be utilised beyond the mining sector.
- The rise of resource nationalism in West Africa has led to discussions about adjusting tax breaks and local content requirements. Fortuna Mining views these discussions as a natural evolution of the industry and is committed to engaging in constructive dialogue with governments.
- The mining industry is increasingly held to higher standards of environmental and social governance (ESG). Fortuna Mining prioritises transparency and responsible practices, including adopting global standards for tailings management and conducting materiality assessments to focus on impactful sustainability efforts.
BEST MOMENTS
"We set out early on with big aspirations... always trying to balance that long-term vision with the short-term challenges that we face here in the industry."
"The mineral endowment, the capital efficiency to build mines, the growth that the region has exhibited is no secret... the amount of opportunity that we see emerge is second to none."
"Mining has always been a frontier business. So you must be willing to play in the frontier if you want to be in the mining business."
"We recognise that what we have is a concession, but it is their asset... it gives you a whole different sense of responsibility in how you engage with the nation."
VALUABLE RESOURCES
Mail: rob@mining-international.org
LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/
X: https://twitter.com/MiningRobTyson
YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast
Web: http://www.mining-international.org
GUEST SOCIALS
Email: info@fmcmail.com
Website: fortunamining.com
X: https://x.com/fortunamining
LinkedIn: https://www.linkedin.com/company/fortunamining/
YouTube: https://www.youtube.com/@fortunamining
ABOUT THE HOST
Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across the globe from first-world to third-world countries from Africa, Europe, the Middle East, Asia, and Australia. We source, headhunt, and discover new and top talent through a targeted approach and search methodology and have a proven track record in sourcing and positioning exceptional candidates into our clients' organisations in any mining discipline or level. Mining International provides a transparent, informative, and trusted consultancy service to our candidates and clients to help them develop their careers and business goals and objectives in this ever-changing marketplace.
CONTACT METHOD
https://www.linkedin.com/in/rob-tyson-3a26a68/
Podcast Description
Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.