"With a nine year mine life in reserves, 130,000 ounces of annual gold production in the initial six years and compelling economics, Seguela is planned to become our fifth operating mine with first gold by mid-2023," president and CEO Jorge Ganoza said.

Seguela was being advanced by Roxgold, before the West Africa-focused producer was acquired by Fortuna mid-year.

Fortuna said the updated total initial capex for Seguela was $173.5 million, without providing further detail.

The figure is higher than the $142 million outlined in an April feasibility study. 

The company's board had already approved $11.5 million for early works items.

"Fortuna is in a solid financial position to fund the remaining $162 million initial capital investment and our teams in West Africa are primed and ready to start," Ganoza said.

The company had $121.8 million in cash and cash equivalents at June 30.

Fortuna's COO West Africa Paul Criddle said bulk earthworks contractors had been mobilised and would break ground at the plant site in October, with the accommodation village set to be completed in November.

The Cote d'Ivoire government has a 10% interest in Seguela.

Fortuna's other mines are in Argentina, Burkina Faso, Mexico and Peru.

The company's share price (TSX: FVI) started 2021 above C$12 and touched a one-year low intraday of $4.88.

It closed down 4.5% to $4.91 to capitalise the company at $1.43 billion (US$1.1 billion).