Fortuna Silver Mines

Fortuna Silver Mines Inc. is a Canadian public silver mining company based in Vancouver, British Columbia. It has two operating mines, one in Peru and one in Mexico, and a mine under construction in Argentina. It is listed on the Toronto Stock Exchange, with a C$893 million market capitalization as November 2017.[1]

Fortuna Silver Mines Inc.
Public
Traded asTSX: FVI
S&P/TSX Composite Component
NYSE: FSM
IndustrySilver Mining
Founded1990
Founder
  • Jorge Ganoza
  • Simon Ridgway
Headquarters
Vancouver, British Columbia
,
Canada
Key people
WebsiteOfficial Website

History

Fortuna was founded in 2004 by Jorge Ganoza and Simon Ridgway.[2] Ganoza is from a Peruvian mining family. Fortuna acquired its Caylloma property in 2004, and started production in 2006.[2] Also in 2006, it acquired the land necessary for its San José del Progreso mine in Mexico.[3] Construction on the mine began in 2010, with production starting in 2011.[3]

In 2016, Fortuna acquired Goldrock Mines for C$129 million, for that company's Lindero silver project in Argentina.[4] In November 2017, the company announced it would move forward with construction at its Lindero project.[1]

Operations

Fortuna has two operating mines:

  • The San Jose silver mine in San José del Progreso, Oaxaca, Mexico. It also produces gold.[4] In 2017, production was 7.5 million ounces of silver and 55,950 ounces of gold.[5]
  • The Caylloma silver mine in Arequipa, Peru, which also produces zinc and lead.[2] In 2017, production was 0.9 million ounces of silver, 29.9 million pounds of lead, and 44.3 million pounds of zinc.[6]

Fortuna also has a gold mine under construction at its Lindero project in Salta, Argentina.[1]

Controversy

Fortuna was involved in an ongoing dispute with opponents of its San Jose mine. In 2009, there was a two-month long blockade at the company's San Jose mine, with protesters worried about industrial contamination.[7] The blockade lasted from March to May, and was eventually broken up by state police, leading to 19 arrests.[3] In January 2012, opposition increased, due to concerns that the mine was improperly accessing the local water supply.[3] In March 2012, Bernardo Vasquez, the leader of an opposition group to the mine, was shot and killed.[8] One other anti-mine activist was killed in the same year, with three others injured by gunfire.[9] The company denies responsibility for the violence, saying that it was the result of pre-existing social divisions.[9]

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References
  1. "Fortuna Silver OKs Lindero construction - The Northern Miner". The Northern Miner. 2017-10-03. Retrieved 2018-03-09.
  2. "Fortuna's fortune in silver mining". The Vancouver Sun. 2008-10-22. Retrieved 3 March 2018.
  3. "Blood on the Silver: The High Cost of Mining Concessions in Oaxaca". NACLA. Retrieved 2018-03-09.
  4. Lazenby, Henry. "Fortuna launches C$129m bid for Goldrock Mines". Mining Weekly. Retrieved 2018-03-09.
  5. "San Jose Mine, Mexico | Fortuna Silver Mines Inc". www.fortunasilver.com. Retrieved 2018-03-09.
  6. "Caylloma Mine, Peru | Fortuna Silver Mines Inc". www.fortunasilver.com. Retrieved 2018-03-09.
  7. "Fortuna Silver Mines relaunches suspended projects as economy improves". Vancouver Sun. 2009-11-10. Retrieved 4 March 2018.
  8. "Activists call on Vancouver mining companies to stop violence in Guatemala and Mexico". Georgia Straight Vancouver's News & Entertainment Weekly. 2012-06-20. Retrieved 2018-03-09.
  9. "Rights group investigates Canadian-owned mine in Mexico". CBC News. Retrieved 2018-03-09.
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