Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) has successfully completed the installation of a substation and high voltage power line at its gold mining project in West Africa and is currently in the process of installing a semi-autogenous grinding (SAG) mill as well.
On Monday, the Vancouver company provided a construction update for its Séguéla Gold Project in Côte d’Ivoire, a site with a US$175 million budget.
The project was 85 per cent complete at the end of November and the company plans to have its first gold pour mid-way through next year. The substation and 90 kilovolt transmission line were energized there earlier this month and the critical components for the mill are on-site and ready to be installed despite international supply chain challenges the company has faced.
Fortuna stock declined by 2.17 per cent today to $4.96 on the Toronto Stock Exchange.
📢 FORTUNA NEWS: Fortuna Commences Installation of the SAG Mill at its Séguéla Gold Project
The overall project is 85% complete as of Nov. 30, 2022, on-time and on-budget, for first #gold pour mid-2023
— Fortuna Silver Mines | $FSM $FVI (@Fortuna_Silver) December 19, 2022
Fortuna has also completed the clearing of its Antenna Stage 1 Pit and says grade control drilling there has begun ahead of schedule.
“We are pleased to report two significant milestones in the construction process with the energization of the high voltage substation and the commencement of the SAG mill installation,” said David Whittle, Chief Operating Officer of Fortuna – West Africa.
“The project continues on-time and on-budget with the majority of materials and equipment now on site. Focus has now shifted to operational readiness in preparation for the commissioning of the processing plant with first gold pour expected in mid-2023.”
The company says its mining services contractor for the project, Mota-Engil (EGL: MOTA.LS) is well-underway with its mobilization activities for the Séguéla project. A fleet of mining equipment has been delivered to the site which includes 95-tonne excavator, two fuel trucks, a pair of 100-tonne haul trucks, a couple dozers and a grader.
Mota-Engil stock decreased by 0.17 per cent today to €1.18 on the Euronext Lisbon Exchange.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Vancouver-based gold producer with an expansive pipeline of exploration and development opportunities. The company recently released a short documentary about its sustainability initiatives in Nicaragua where the company has significant mining infrastructure.
Calibre stock dropped by 3.66 per cent today to $0.79 on the Toronto Stock Exchange.