Join our daily newsletter At The Bell to receive exclusive market insights
- Tietto Minerals (TIE) produced 11,191 ounces of gold in August at its Abujar gold mine in Cote d’Ivoire, West Africa
- At August’s end, the company held a cash and bullion balance of $53.4 million, before it paid off a debt of $9.68 million
- TIE intends to update its Life of Mine (LOM) study, which will be released by the end of September
- The company anticipates an annual average production of 172,000 ounces over the next seven years until 2030 at under $1100 an ounce
- TIE shares are down 28 per cent, trading at 33.5 cents at 11:43 am AEST
Tietto Minerals (TIE) produced 11,191 ounces of gold in August at its Abujar gold mine in Cote d’Ivoire, West Africa.
At the end of August, the company increased its cash and bullion balance by more than $10 million to $53.4 million, before paying off a debt of $9.68 million.
Tietto successfully milled 400,000 dry tonnes of gold during the month at an average grade of 0.90 grams per tonne (g/t).
Additionally, the company completed more than 15,000 metres of grade control drilling during July and August. The results from these efforts will provide insights for the remaining mining and production activities throughout the remainder of the year.
“Detailed grade control results have confirmed a LOM update has resulted in the same amount of contained gold, but a 10 per cent increase in tonnes mined,” TIE Managing Director and CEO Matt Wilcox said.
“We have initiated a debottlenecking study with an aim to increase mill throughput by 15 per cent to 5.5Mtpa, which would bring forward gold ounces and lower cash costs of production.”
Tietto has also disclosed its intention to release the full Life of Mine (LOM) study by the end of September, which will be based on the current circuit.
Anticipating an average production rate of 172,000 ounces of gold over the next seven years, with an expected all-in cost of under $1100 an ounce, Tietto remains optimistic about its future prospects.
TIE shares were down 28 per cent, trading at 33.5 cents at 11:43 am AEST.
