TSX: FVI CA $8.01    NYSE: FSM US $6.12
  

Economic Development

We have implemented several projects in Peru and Mexico aimed at supporting local economic development in communities near our operations. The objective is to work alongside local residents to establish or increase self-sustaining economic activities that improve the quality of life for residents.

Our activities include a wide range of initiatives, from genetic enhancement of local alpaca herds to trout breeding and prioritization of employment opportunities in our operations for local residents.

Peru: Caylloma Mine

In 2010 the company signed a seven-year agreement with the District Municipality of Caylloma to support the district's sustainable development, focusing on Fortuna's direct area of influence. For example, we are currently building a multisport mini-arena in the town of Caylloma that will benefit over 5,000 residents.

In addition we have established a technical training center in Caylloma to equip local residents with the skills to start new businesses or obtain employment, we are providing technical assistance for producing machine-woven fabrics from alpaca fiber and organic pima cotton. Approximately 60 weavers have been trained in the production of knitted fabric, felt hats and gloves.

To help improve the quality and quantity of alpaca fiber produced locally, Fortuna has trained community members to instruct shepherds on breeding techniques such as artificial insemination and controlled mating. Over 26 households neighboring our Caylloma mine site have benefited from this program.

Additionally, by agreement with the District Municipality of Caylloma and the Regional Agricultural Management we established more than 370 hectares of pasture and built cold-weather shelters for alpacas that are used by approximately 100 families.

Mexico: San Jose Mine

In Mexico, our economic initiatives include helping craftswomen develop new skills for making safety clothing, starting local diners and supporting groups of women engaged in the production of traditional handicrafts. These projects have helped over 40 families establish micro-businesses and created a similar number of direct jobs.

We opened a training school to improve the economic viability of the community. The school teaches local farmers how to produce organic vegetables, poultry, eggs and also develop local providers of tortilla, bread, beef and manufacturers of shoes, amongst other activities. To date, over 50 producers have been trained, and most maintain a family production unit.

In 2011 the company signed an agreement with the Municipality of San José del Progreso that focuses on improving the local economy and fostering sustainable development. We subsequently completed a number of projects that directly benefit the nearly 2,900 residents of San José del Progreso and three nearby communities, including:
  • building of a daycare facility for approximately 45 children
  • paving streets in two municipal agencies
  • expanding the drinking water supply system
  • constructing restrooms and installing roofing of a local sports and multi-purpose facility
  • repairing 54 kilometers of secondary roads between the four communities
  • installing lighting along the access road to San Jose del Progresso
  • purchase a multipurpose lot where a chapel has been built and the community can hold cultural events