Tietto Minerals has taken another major step towards its first gold production in West Africa with the pouring of the first concrete lift for its SAG mill and the assembly of the company’s tailings storage facility In progress.
The company says it is on track to pour its first gold by the end of the year at its fully funded 3.45 million ounce Abujar gold project in Ivory Coast. The operation is expected to produce approximately 260,000 ounces of gold in the first year, 1.2 million in the first six years, and stake a claim as one of the largest gold mines in the region.
Late last month, Tietto announced that it had secured a two-tranche placement of $130 million to help accelerate Abujar’s development. According to the company, the placement allowed “like-minded” investors to participate in the delivery of the project by financially supporting the operation until its first gold pour scheduled for the fourth quarter of this year.
After taking another step in the development of the project, Tietto said he remains well positioned to move forward with his “drill and build” strategy throughout 2022.
Over the past week, Tietto not only pressed the start button on its 3 million ounce gold project, but also released a first measured gold resource that was significantly higher than previous numbers and now stands at 7.7 million tonnes at 1.4 grams per tonne gold for 350,000 ounces. Additionally, Tietto said the optimization works increased the annual throughput of the Abujar mill by 12.5% to 4.5 million tonnes of fresh ore.
Using the improved mineral resource estimate, increased mill production and higher gold prices, Tietto plans to update the life of mine production plan to Abujar later this year.
The current gold spot price is more than 35% higher than the US$1,407 per ounce figure used in the company’s previous calculations.
As the Abujar gold project in Ivory Coast draws to a close, the company appears to have overcome many of the challenges associated with shoring up a mine in Africa with production now clearly in sight.
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