Fortuna Mining will spend $71 million across Argentina and Peru this year to lift gold output and expand two flagship mines. The Canadian producer is channelling most of the budget into its Lindero mine while high gold prices underwrite the push.
Fortuna Mining (TSX: FT)(NYSE: FSM) plans to invest $71 million in Argentina and Peru this year as the Canadian precious metals producer targets higher gold output and expands operations across both countries. The investment reflects a strategy to expand production from existing operations as elevated gold prices support spending on optimization and exploration.
Most of the money goes to Argentina. Fortuna will direct $41 million to its Lindero gold mine in Salta province, where it expects to produce between 92,000 and 102,000 ounces of gold in 2026. The budget also covers sustaining capital and exploration at the nearby Cerro Lindo deposit and the Arizaro project, where drilling is expected to finish in the third quarter.
Production is already tracking toward that target. Lindero produced 20,829 ounces of gold in the second quarter, bringing first-half output to 42,374 ounces and keeping the mine on course for annual guidance. With major plant upgrades complete, Fortuna expects improved mechanical reliability, higher crushing and stacking rates and stronger ore grades to lift production in the second half. For context, Lindero produced 87,489 ounces of gold in 2025.
Peru expansion gathers pace
The remaining spend heads to Peru. Fortuna will invest a further $29.9 million at its Caylloma polymetallic mine, where brownfield exploration and an expansion of the tailings storage facility are underway. Construction of the expansion reached 28% completion last month and remains on schedule.
Caylloma produced 133,940 tonnes of ore in the second quarter, with 75% mined using overhand cut-and-fill methods and the balance through sub-level stoping. The mine produced 19,016 gold equivalent ounces in the first half of 2026, on pace to meet annual guidance of between 29,000 and 33,000 GEO. Operated by subsidiary Compañía Minera Bateas, Caylloma also produces silver, zinc and lead.
Exploration at both Lindero and Caylloma is meant to extend mine life and support future resource growth as Fortuna keeps investing in its existing asset base.
Source: MINING.COM
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