Between 2010 and 2022, West Africa emerged as the world’s fastest-growing gold production region, fueled by untapped reserves and increasing interest from global investors, particularly from Canada, China, and Australia.

On Tuesday, March 25, Sanu Gold announced it had raised C$12 million ($8.4 million) through a share placement to fund exploration on its gold licenses in Guinea. The Lundin family, prominent shareholders of Swedish origin based in Canada, supported the operation. 

The Lundins are reinforcing their presence in West Africa’s gold sector. Based in Vancouver, Canada, the family represents the legacy of Adolf H. Lundin, a Swedish businessman who built several Canadian extractive firms in the 20th century. In December 2024, they acquired a 10% stake in Sanu Gold and are maintaining their share through this latest funding round.

The Lundins also control Montage Gold, which owns 19.9% of Sanu Gold. Montage is developing the Koné project in Côte d’Ivoire, which is expected to become the country’s largest gold mine. This positions the Lundin group as a major player in West Africa’s mining industry.

West Africa’s appeal is growing among international investors. Data from Aurum Resources shows that the region’s share of global gold production jumped from 8.7% in 2010 to 14.6% in 2022. Countries like Ghana, Côte d’Ivoire, and Guinea are attracting heavy interest from Chinese, Australian, and Canadian mining firms.

This article was initially written in French by Emiliano Tossou  

Edited in English by Ange Jason Quenum