Tietto Minerals Ltd (ASX:TIE) has appointed Ting Xu as chief financial officer as it marches towards production at the Abujar Gold Project in Cote d’Ivoire, West Africa
The appointment took effect on April 1 and will see Ting Xu lead Tietto’s financial and accounting teams during construction of the mine.
She joined Tietto in May 2021 as financial controller and was an "outstanding" candidate in a recruitment process managed by an executive search agency.
Taxation and mining expertise
Ting Xu specialises in international taxation and has more than 15 years of working experience in Australian mining houses and accounting firms in senior accounting roles.
This taxation nous, along with Australian mining company accounting experience, will be vital to the company’s goal of maximising shareholder value through capital returns, dividends and strong cashflows from early gold production at Abujar.
She has been managing and controlling Tietto’s corporate accounting and related compliance since joining the group, working on day-to-day accounting functions as well as strategic financial planning.
Her particular skillset will be valuable as the company works to deliver capital returns and dividends as soon as possible following the commencement of gold production at Abujar in 2022.
Wide range of responsibilities
Prior to joining Tietto Minerals, Xu held senior financial roles in mining houses Consolidated Minerals and IGO Limited (ASX:IGO), and corporate accounting firms Grant Thornton and ShineWing Hall Chadwick, with a wide range of responsibilities covering corporate financial accounting, statutory reporting, tax effect and compliance, cashflow management, financial modelling and business analysis.
Tietto managing director Dr Caigen Wang said: “We have benefitted from the high quality, efficiency and professionalism of Ting’s work as our group’s financial controller in the past year.
"We are now delighted to bring Ting’s international taxation expertise into play as we plan for capital returns and dividends from our Abujar Gold Mine, which is in full construction.
“As we are rapidly building the Abujar Gold Mine with no debt, we expect to start being able to return capital to shareholders in the Abujar project following gold production commencement in late 2022.
"Maximising investment return for our shareholders is a priority while we practise the best ESG management on international standards and fulfil tax obligations in hosting jurisdictions.”
Placement to fund construction without debt
Tietto recently announced a $130 million placement to fund Abujar’s construction without debt and is on track to deliver the first gold pour at Abujar at the end of the year.
Tietto’s six diamond drill rigs are continuously operating at Abujar sites to deliver 10,000 metres of diamond drilling per month for further gold resource growth and resource category upgrade.