Tietto Minerals Ltd (ASX:TIE) remains on schedule with construction for its fully funded 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa, with shares trading higher today.
The project has thus far not been troubled by lost-time injury (LTI) and remains on schedule for first gold in the fourth quarter of this year. It’s also tracking to come in within budget.
From a construction perspective, work has started on a semi-autogenous grinding (SAG) mill, with two carbon-in-leach (CIL) tanks at full height and the remaining tanks progressing skyward.
CIL tank construction.
Structural mechanical piping (SMP) activities are in train, with lime silos and pebble crusher steel, while concrete works are 80% complete and mostly expected to be wrapped up this month.
The camp itself is more than 50% operational and scheduled for completion in August, while work on the tailings storage facility and diversion channel is moving ahead.
Shares have been as much as 12.35% higher today to $0.41 while the explorer's market cap is approximately A$383.35 million.
The company has released a flyover video showing its progress.
Next steps
The company has completed a $130 million two-tranche placement to accelerate the development of Abujar without debt.
Investors were no doubt driven by reported maiden measured gold resources of 7.7 million tonnes at 1.4 g/t gold for 350,000 ounces.
The company looks set to produce 260,000 ounces of gold in 2023 by advancing its dual strategy of ‘drill and build’ throughout the year.