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March 3, 2024
PI Global Investments
Precious Metals

Fortuna cuts down debt using cash generated from Séguéla mine

It is expected that Fortuna’s total outstanding debt balance will stand at approximately $165 million on its credit facility, and $46 million of convertible notes, for an estimated total net debt, after cash and cash equivalents, of $83 million.

This, according to the company, would represent a reduction of approximately $50 million in total net debt in the period, reflecting the strong cash flow contributions from the Séguéla gold mine its second full quarter of production.

The Séguéla mine located in Côte d’Ivoire officially entered production in May 2023, and subsequently ramped up to normal rate of production during the third quarter. For the calendar year, it is expected to produce 60,000 to 75,000 oz. of gold.

Shares of Fortuna Silver Mines gained 3.8% by 2:00 p.m. ET following the debt repayment announcement. The company has a market capitalization of C$1.5 billion ($1.1bn).

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