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Fortuna Mining says Burkina Faso will not withdraw existing permits
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Fortuna Mining says Burkina Faso will not withdraw existing permits
Oct 7, 2024 6:01 PM

Oct 7 (Reuters) - Fortuna Mining ( FSM ) said on Monday

that the government of Burkina Faso does not plan to withdraw

the Canadian company's existing mining permits in the country.

Junta leader Ibrahim Traoré said on Saturday that Burkina

Faso planned to withdraw mining permits from some foreign

companies and would seek to produce more of its own gold,

without specifying which permits would be canceled.

Shares of gold miners with projects in the West African

country slumped sharply in Monday trade at the Toronto Stock

Exchange, dragging down the entire index.

Shares of Fortuna Mining ( FSM ) were down 9% at 3:25pm ET (19.25

GMT). Orezone Gold Corp ( ORZCF ), which owns the Bombero gold

mine, was also down 9% at the TSX.

Gold miner Endeavour Mining ( EDVMF ) said Traor discussed

several topics on Saturday to commemorate two years of his

presidency and made a reference that certain mining permits may

potentially be revoked.

However, Endeavour said the government remains

supportive of the company and it is not aware of any plans to

revoke any of its mining permits.

Shares of Endeavour were down 3% at the TSX.

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