Fortuna Mining Corp. (FSM), Friday announced the sale of its interest in Roxgold Sanu SA along with three other wholly-owned Burkina Faso subsidiaries to Soleil Resources International Limited for a total consideration of $130 million.
Of the total amount, $70 million will be paid to Fortuna on the closing of the transaction, $57.5 million will be paid in cash dividends by Roxgold Sanu, and around $53 million will be paid as value added tax receivables upon the completion of certain conditions.
The decision comes due to the cessation of exploration activities in-country, and the increasingly challenging business climate in Burkina Faso.
The company explained that the strategic exit would help to avoid approximately $20 million in future mine closure liabilities, and provide an additional liquidity.
The deal is set to close in the second quarter of 2025.
In the pre-market hours, Fortuna's stock is trading at $6.47, up 3.85 percent on the New York Stock Exchange.
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