Abujar gold project in Côte d’Ivoire is now fully funded through to gold production in CY2022. Tietto Minerals made the announcement and said that they have received binding commitments for a two-tranche placement to raise A$85 million, through the issue of approximately 218 million fully paid ordinary shares at A$0.39 per share.
Tietto will apply A$85 million from the Placement together with existing cash of A$32.8 million to build Abujar and continue project exploration for gold resource growth, as well as for working capital. The Placement complements Tietto’s debt strategy of US$130‐140 million debt facility through Taurus Mining Finance Fund No.2 L.P. for the US$200 million project. Petra Capital acted as Sole Lead Manager and Sole Bookrunner, along with partners Jett Capital Advisors, LLC, who acted as Co‐Manager to the Placement.
Robust gold project
“With support for this A$85 million Placement, we now have funding in place to allow us to build Abujar and transform Tietto into West Africa’s next gold producer as we bring the project into production on schedule in CY2022. Abujar is an exciting and robust gold project, as demonstrated by our DFS delivered last month, and we are excited to enter this new chapter of Tietto’s history.
“We have commenced a US$8.65 million early works program including front end engineering and design, site and camp construction and we have assembled an experienced project build team that can ensure we deliver gold production at Abujar on schedule and on budget,” Tietto, Dr Caigen Wang, commented.