- Gold explorer Tietto Minerals (TIE) is on track to pour the first gold from its flagship Abujar project in Côte d’Ivoire before the end of 2022
- The company says it has completed the construction of an access road to the mine site, with land clearing and the construction of camp accommodation now underway
- With a recent $85 million capital raise supporting the project, Managing Director Caigen Wang says Tietto is on track for its first gold pour in the final quarter of 2022
- Tietto is negotiating the final regulatory step for the project, the Abujar Mining Convention, with the Côte d’Ivoire government
- Shares in Tietto have been trading up 1.2 per cent to 43 cents each
Gold explorer Tietto Minerals (TIE) is on track to pour the first gold from its flagship Abujar project in Côte d’Ivoire before the end of 2022.
The company this morning told investors it had completed the construction of an access road to the West African mine site, with land clearing and the construction of camp accommodation now underway.
With Tietto having been awarded some key plant and infrastructure civil contracts for the project and engineering and procurement work at Abujar almost complete, Tietto Managing Director Caigen Wang said the company was set for its first gold pour in the final quarter of 2022.
This is all underpinned by an $85 million capital raise launched by Tietto in November.
“With our recent capital raise, we are now fully funded to production with Abujar having potential to be one of the largest gold producing mines in Côte d’Ivoire, expected to produce more than 260,000 ounces of gold in the first year and 1.2 million ounces of gold in the first six years,” Dr Wang said.
“We will provide monthly updates as we track towards first gold by the end of Q4 CY22 as construction advances the Abujar Gold Project to become West Africa’s next gold mine.”
The company said it was negotiating the final regulatory step for the project, the Abujar Mining Convention, with the Côte d’Ivoire government. Tietto has already secured all other mining and environmental approvals for the project.
As far as engineering and drafting work for the project has gone so far, Tietto has completed process design criteria, drawings for key structures and concrete, and the early stages of some important platework for the project.
Tietto expects the project to cost US$200 million (A$280 million) to develop, with the November cap raise proceeds to be supported by a US$140 million (A$196 million) debt facility from Taurus Mining Fund.
Shares in Tietto were up 1.2 per cent to 43 cents each at 1:32 pm. The company has a $247.7 million market cap.