Tietto Minerals advances towards first gold pour at Abujar

Tietto Minerals TIE ASX Abujar Cote d’Ivoire gold pour 2022
Tietto Minerals has raised $130 million through a share placement to accelerate development at the West African gold project.

The highly anticipated first gold pour at Tietto Minerals’ (ASX: TIE) Abujar project is edging ever closer as construction remains on track in Cote d’Ivoire.

In a fifth project construction update, the West African developer today confirmed that first gold pour remains on schedule for the fourth quarter of calendar 2022.

Earlier this week, the company announced a maiden measured resource for the asset totalling 7.7 million tonnes at 1.4 grams per tonne of gold for 350,000 ounces.

The Abujar project has potential to be one of the largest producing gold mines in Cote d’Ivoire and is expected to produce more than 260,000oz gold in the first year and 1.2Moz gold in the first six years.

Construction progress

Recent progress achieved at Abujar includes the SAG mill concrete moving to install formwork for the second lift, installation of roofing for the kitchen building and clearing for the TSF.

Late last week, Tietto announced it had appointed Spanish mining contracting giant EPSA Internacional to develop Abujar’s open pit operation.

EPSA is expected to start work on the site in July ahead of open pit mining which is expected to begin in August.

Funds from share placement to accelerate development

Late last month, Tietto announced it had received commitments for a $130 million capital raising to fast-track development of the project.

The two-tranche share placement comprises the issue of 96.9 million shares at $0.50 each to new and existing institutional investors in the first tranche this month and 163 million shares in the second tranche scheduled for mid-May.

The placement replaced Tietto’s previous $187 million project development facility and has allowed the Abujar project to be fully funded to first gold production.

Life-of-mine production plan to be updated this quarter

As part of the resource upgrade announced this week, Tietto said it would increase the mill throughput rate from 4 million tonnes per annum outlined in the definitive feasibility study to 4.5Mtpa.

Tietto managing director Dr Caigen Wang said the project’s life of mine production plan will be updated this quarter as the open pit ore reserve and life of mine inventory is expected to increase “materially”.

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