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Tietto Minerals says Abujar on track for first gold pour in 2022

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By Robin Bromby - 
Tietto Minerals ASX TIE Abujar gold project resource upgrade

Tietto Minerals’ Abujar resource now totals 45.5Mt at 1.5g/t gold for 2.15Moz.

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Emerging Cote d’Ivoire gold producer Tietto Minerals (ASX: TIE) has now laid out a timetable for its 3.35 million ounce Abujar gold project after securing finance to take the company through to production.

The first gold pour is expected in the fourth quarter of 2022, while construction of the camp accommodation has begun. 

Other developments that have been ticked off are:

  • award of plant and construction civil contracts;
  • platework and structural steel fabrication agreements in place;
  • consultant Primero has completed 75% of the engineering and procurement work;
  • some 35% of the work progress for the electrical plant has been finished;
  • steel for towers to carry a 34km-long power line has been shipped and is expected to arrive at Abidjan this month;
  • and the SAG (semi-autogenous grinding) mill for processing ore is on track to arrive in Cote d’Ivoire in the June quarter of 2022.

First year production expected to be 260,000oz

Managing director Caigen Wang said the company is pleased to be producing its first project development update.

“With our recent capital raise [of $85 million] we are now fully funded to production at Abujar having potential to be one of the largest gold-producing mines in Cote d’Ivoire.”

Dr Wang said the mine is projected to produce 260,000oz of gold in its first year of operation and 1.2Moz over the first six years. 

Tietto plans to be provide monthly development updates.

Access road to mine site now complete 

The access road to the mine site has been finished while earthworks have begun on the site of the process plant and camp. 

Earlier this year Tietto secured a SAG processing mill for Abujar, a critical purchase given that the mill is the longest lead item required before production can begin. 

The company describes the buy as “opportunistic”: it found a mill that was manufactured in 2008 but was never used, and which has been in storage in Australia for 12 years. 

The company saved approximately US$3.5 million (A$4.5 million) by not buying a new mill, knocking down the overall capital cost. 

The $85 million placement announced last month is part of the overall financing deal with Tietto mandating a finance house to underwrite US$140 million of debt funding.

Meanwhile, the company is negotiating with the Ivorian government its final regulatory step, the Abujar mining convention.