Tietto Minerals Limited
Tietto Minerals Limited
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Developer Tietto Minerals is preparing to materially increase its forecast production in an updated life of mine plan for its 90%-owned Abujar gold project in Cote d’Ivoire after posting a maiden measured resource of 350,000oz (7.7Mt @ 1.4g/t).
Tietto says the shallow measured resource, based on infill drilling to an average 110m vertical depth at the AG Core pit, significantly de-risks the first two years of gold production.
West African developer Tietto Minerals is on target for first gold production in the Dec 2022 qtr after naming international earthmoving contractor EPSA Internacional to conduct opencut mining at its 90%-owned Abujar project in Côte d’Ivoire.
EPSA, selected after a competitive tender and due diligence process, will be responsible for site preparation, drill and blast, load and haul and maintenance at Abujar. Mobilisation will begin in Jul, with first mining in Aug.
The success of a $A130M placement will enable Tietto Minerals to accelerate the development of its 90%-owned, 3.35Moz Abujar project in Côte d’Ivoire, targeting first gold by year end and production of 260,000oz in CY2023.
Australian-based Tietto says its switch to full equity funding, from its previous project development facility, will accelerate development at significantly lower cost. Its optimisation work and greater contract certainty have substantially reduced capital requirements.
West African developer Tietto Minerals says it’s on track for first gold pour in the Dec 2022 qtr for its 90%-owned, 3.35Moz Abujar project in Côte d’Ivoire with project funding secured, engineering & procurement work 75% completed and contracts awarded for plant and infrastructure civil works, platework and structural fabrication.
The mine is forecast to produce over 260,000oz gold in its first year and 1.2Moz over the first six years.
Developer Tietto Minerals is fully funded through to gold production in CY2022 at its 88%-owned Abujar project in Côte d’Ivoire with completion of a heavily oversubscribed $A85M placement, complementing up to $US140M debt funding from Taurus Mining Finance Fund No2.
The placement, at $A0.39 per share, includes a material investment by one of China’s largest gold miners, Zhaojin Mining.
Tietto Minerals has mandated Taurus Mining Finance Fund No 2 to deliver $US130-140M debt funding for its $200M capex development of the 200,000ozpa-plus Abujar gold project in Côte d’Ivoire.
MD Dr Caigen Wang says securing the five-year facility with Taurus, a dedicated resources fund manager with a long history of investing in the West African gold sector, provides certainty as major works proceed at Abujar.
Definitive feasibility study supports Tietto Minerals’ expectations for the Abujar gold project to be one of the Cote d’Ivoire’s largest producing gold mines.
West African-focused developer Tietto Minerals expects to begin site works in late 2021, leading to gold production in the Dec 2022 qtr, after its DFS demonstrated robust economics for its 90%-owned Abujar project in Cote d'Ivoire.
The study outlines 260,000oz production at AISC of $651/oz in the first year of the $US200M preproduction capital openpit project averaging out to 155,000ozpa at $832/oz over a total mine and processing life of 11 years from ore reserves of 1.45Moz.
Aggressive drilling campaigns by West African-focused developer Tietto Minerals have boosted gold resources to 3.35Moz (87.5Mt @ 1.2g/t) as it reaches the final stages of the DFS for the proposed 4Mtpa openpit development of its 90%-owned Abujar project in Côte d’Ivoire.
The revised resource estimate, based on 53,000m of diamond core drilling since Oct 2020, delivered a 49% increase in indicated resources to 1.85Moz (43.4Mt @ 1.3g/t) - over 55% of the total.
Developer Tietto Minerals has awarded the engineering design contract to Australian-based Primero Group for its 90%-owned Abujar gold project in Côte d’Ivoire, set to be West Africa’s next gold mine.
Primero will provide process and engineering design, procurement oversight, field engineering and commissioning services for the process treatment plant for the life of the proposed 168,000ozpa development in the country’s central west.