Tietto Minerals Ltd (ASX:TIE) remains on to become Africa’s next gold producer with construction of the fully-funded 3.4-million-ounce Abujar Project in Côte d’Ivoire on schedule and budget for first gold by the end of 2022.
Construction is tracking well with the first 60 camp rooms occupied and blockwork for the administration, clinic and training rooms completed while the project remains lost time injury free.
“On schedule and budget”
Tietto managing director Dr Caigen Wang said: “I am very pleased to provide shareholders with our sixth project construction update for Abujar, which continues to progress on schedule and budget.
“I thank and congratulate our build team and contractors for their commitment to safety, continuing to work LTI-free during April.”
Administration, clinic and training rooms.
Concreting work
Concreting is advancing, with crusher and ROM bin chamber rafts poured while the SAG Mill is enroute from Durban, South Africa, by ship to arrive in Abidjan within two weeks.
At the tailings storage facility the first HDPE liners have been installed and the company has started construction of the water dam wall.
Reclaim chamber wall concrete work.
On track to be Africa’s next producer
“Construction is in full swing 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,” Dr Wang continued.
“I look forward to providing further updates as construction advances the Abujar Gold Project towards first gold by the end of Q4 CY22 to become West Africa’s next operating gold mine.”
Accommodation rooms and cafeteria.
Fully funded
Abujar Gold Project is fully funded to production, with no debt, thanks to the overwhelming support of more than 99.6% voting in the EGM held on May 13, 2022.
Tietto announced a A$130 million two-tranche placement on March 29, 2022, to accelerate the development of Abujar, with no debt.
The placement allowed the participation of like-minded investors, keen for the company to realise first gold production by Q4 CY22 and produce 260,000 ounces of gold in 2023.
Next steps
Tietto remains very well positioned to advance its dual strategy of ‘Drill and Build’ into 2022:
- Continue to drive rapid resource growth at the 3.45-million-ounce Abujar Gold Project; and
- Fast-track development of Abujar Gold Project to achieve first gold in Q4 CY22.
The company continues to deliver project milestones with Abujar’s maiden measured gold resources of 7.7 million tonnes at 1.4 g/t for 350,000 ounces reported on April 11, 2022.
An update on Abujar’s LOM production plan will be delivered by the end of the current quarter using the updated resource estimate and increased mill throughput targeting a material increase to existing LOM production.
This is supported by higher gold prices with the current spot price being +35% greater than the US$1407/ounce used in the DFS.