West African gold explorer Tietto Minerals (ASX: TIE) is rapidly progressing construction at its fully funded Abujar gold project in Cote d’Ivoire and remains on track for its first gold pour later this year.
The company today provided an update to its shareholders reporting the completion of bulk earthworks for the process plant and camp area and the mobilisation of the civil concrete contractor, which has poured blinding concrete for cyanide-in-leach (CIL) ring beams.
Construction of the administration office, cafeteria and the first 120 camp rooms are also underway following the completion of concrete foundations.
Shop drafting of structural steel and platework has commenced and tower steel for the 34-kilometre long 90-kilovolt powerline has arrived in the Abidjan port awaiting customs clearance, Tietto reported.
The semi-autogenous grinding (SAG) mill remains on track for delivery to site in the second quarter.
Tietto managing director Dr Caigen Wang thanked the company’s build team and contractors for their commitment to safety by continuing to work lost time injury (LTI) free during December.
“I look forward to providing further updates during the year as construction advances the Abujar gold project towards first gold by the end of Q4 CY22 and becomes West Arica’s next gold mine,” he said.
Fully funded gold project
The second tranche of Tietto’s $85 million placement was approved by shareholders on 7 January.
“With the completed settlement of the second tranche of our recent capital raise, we are now fully funded to production at Abujar,” Dr Wang said.
The company is negotiating the final regulatory step, the Abujar mining convention, with the Ivorian government after having already secured all mining and environmental approvals.
Abujar has the potential to be one of the largest gold producing mines in Cote d’Ivoire. It is 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.