Gold tracks for weekly gain as tariff threats stoke haven demand
Spot gold was steady for a second day at $2,755.35 an ounce at 8:04 a.m. in Singapore.
Fortuna Mining (NYSE: FSM; TSX: FVI) reported earlier this week its fourth quarter and full year 2024 results from its five operating mines abroad.
In calendar 2024, Fortuna produced 369,637 oz. of gold plus 3.7 million oz. of silver, for a record gold-equivalent production of 455,958 oz., including lead and zinc byproducts. The gold production was also a record high, while silver output fell below guidance and is a significant decrease on the 5.9 million oz. in 2023.
In addition to the results, Fortuna also released its exploration plans for 2025. Its total mineral exploration budget is set at C$41 million, compared to an estimated C$44 million spent in 2024. Brownfields projects are allocated 53% of the budget, while greenfield initiatives take up the remaining portion.
Fortuna’s consolidated brownfields exploration plans include 84,000 metres of reverse circulation, diamond core and air core exploration drilling. The gold and silver producer said it has reserved the largest portion of this drilling (C$13.5 million) for high-value opportunities at the Séguéla mine in Cote d’Ivoire.
Other brownfields opportunities to be explored include the Lindero in Argentina (C$3.4 million), Caylloma in Peru (C$4.8 million) and Yaramoko in Brukina Faso (C$200,000).
Fortuna’s greenfields exploration will continue in Mexico, Côte d’Ivoire and Senegal, supported by a budget of C$19.3 million to advance generative programs across several projects. Over half of the budget will be spent in Senegal, including 35,000 metres of drilling at the Diamba Sud project.
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