Tietto Minerals Ltd (ASX:TIE)’s construction work at its fully funded 3.35-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa, remains on schedule and the company is on track to deliver first gold pour in the fourth quarter of 2022.
The West African gold explorer and developer has provided its fourth project construction update, in which its team continued to work free of lost time injury in February.
On schedule
Tietto managing director Dr Caigen Wang said: “I am very pleased to provide shareholders with our fourth project construction update for Abujar.
“I thank and congratulate our build team and contractors for their continued commitment to safety, continuing to work LTI‐free during February.
“Construction is tracking on schedule at Abujar, which has potential to be one of the largest producing gold 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.
“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 Africa’s next operating gold mine.”
Construction update
CIL ring beams.
Construction is tracking well against schedule with progress achieved on the administration office, cafeteria building and the first 120 camp rooms.
The civil concrete contractor has completed pouring concrete for the CIL ring beams and SAG mill raft.
Clearing for the 34-kilometre‐long 90kv power line corridor has commenced and the SAG Mill remains on track for delivery to the site in the second quarter of 2022.
Next steps
Following the completion of a A$85 million placement in January 2022 to complement its debt strategy, where Taurus Mining Finance Fund No.2 LP was mandated to deliver an underwritten project development facility of up to US$140 million of debt funding for the US$200 million project, Tietto remains very well positioned to advance its dual strategy into 2022.
This strategy is to:
➢ Continue to drive rapid resource growth at the Abujar Project; and
➢ Fast‐track development of the project to achieve first gold in the fourth quarter of 2022.
Tietto continued to deliver milestones during 2021 with its 2021 definitive feasibility study demonstrating robust financial results and estimated gold production of 260,000 ounces in the first year and 200,000 ounces per year over the first six years of Abujar’s 11‐year mine life.
The company has also concluded formal negotiation for the Abujar Mining Convention, with the Ivorian Government, having already secured all mining and environmental approvals.
Tietto’s own team is advancing the construction of the process plant and associated infrastructure, which remains on track to become West Africa’s next producing gold mine.