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By Reuters Staff 2 Min Read (Reuters) - Shares of Fortuna Silver Mines Inc tumbled as much as 14% on Monday after the Canadian company said it would buy West Africa-focused gold miner Roxgold Inc in a cash-and-stock deal valued at about C$1 billion ($884.32 million). Fortuna, which operates in Peru, Mexico, and Argentina, would acquire Roxgold’s projects in Burkina Faso and Côte d’Ivoire with an expected annual gold equivalent combined production of 450,000 ounces. Roxgold stock price climbed sharply while Fortuna’s Toronto-listed shares fell, reflecting investor unease over security in the volatile Sahel region. Despite the security risks of operating in Burkina Faso, the country is attractive for gold miners as the cost of producing the metal is much lower compared with the rest of the world. At a time of high gold prices, that translates into hefty margins for miners.

Burkina fasoRegion de la boucle du mouhounJorgea ganozaArunima kumarThomson reuters trust principlesAppian natural resources fundRoxgold incCanada fortuna silver mines incFortuna silver mines incEndeavour miningWest africa focused teranga goldChief executive officer jorgeNatural resources fundThomson reuters trustContent produced in bangaloreCompany news