Fortuna Silver Mines Completes $57M Acquisition of Chesser Resources
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Canadian precious metals mining company Fortuna Silver Mines has completed its $57.05 million (A$89 million) acquisition of Australian gold miner Chesser Resources.
The transaction was implemented by way of a statutory scheme of arrangement pursuant to the Australian Corporations Act 2001. Following completion of the transaction, Chesser is a wholly-owned subsidiary of Fortuna.
“With the acquisition of Chesser, Fortuna continues to strengthen its presence in West Africa. Senegal is a mining friendly and highly prospective jurisdiction, and we are excited about the growth potential that Chesser’s Diamba Sud Gold Project provides,” said Jorge Ganoza, president and CEO of Fortuna.
“We look forward to integrating Diamba Sud into our global portfolio, focusing on exploration to unlock value, and partnering with the local communities and stakeholders as we continue to advance the project,” added Ganoza.
The acquisition of Chesser expands Fortuna’s presence in West Africa to include the preliminary economic assessment stage Diamba Sud Gold Project in Senegal, a new and emerging gold discovery in the region. Chesser holds tenements in Senegal covering approximately 872 km of prospective ground located close to, and sharing similar geological features with nearby tier one gold mines. Diamba Sud is comprised of four open pittable high grade gold deposits, along with numerous anomalies yet to be tested. Fortuna will prioritize exploration to expand the mineral resource at Diamba Sud before advancing the project to the development stage.
Fortuna Silver Mines is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru. Sustainability is integral to all its operations and relationships. They produce gold and silver and generate shared value over the long-term for stakeholders through efficient production, environmental protection, and social responsibility.
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