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    • Delayed Prices (USD) - Last Updated 06-12-2021
    • Gold $1,782.60
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    • Platinum $930.00
    • Palladium $1,750.00
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    • Cobalt $67,050.00
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    Tietto locks-in up to USD $140M in debt funding to kick-off Abujar construction

    Tietto Minerals (ASX: TIE) reports that it has secured up to USD $140 million in debt funding to push forward development of its Abujar Gold Project in Côte d’Ivoire, six weeks after delivering the project’s definitive feasibility study.

    The underwritten project development facility, through Taurus Mining Finance, will include between USD $130 million to USD $140 million in secured finance, repayable over a five year period. The company notes that the facility allows for early repayments, with no gold hedging required.

    We are extremely pleased to be working with Taurus who can deliver the funds needed on our timeline

    Addressing the news, Tietto Minerals Managing Director Dr Caigen Wang said”  “We are extremely pleased to be working with Taurus who can deliver the funds needed on our timeline. Our experienced project build team has been advancing early works and now have confidence the debt funding will be in place as they proceed with the major works needed to develop the Abujar Gold Project into West Africa’s next gold mine.”

    The Abujar DFS was delivered in early October 2021 and estimated first-year gold production of 260,000 ounces, followed by 200,000 ounces annually over the first six years of the project’s 11-year mine life.

    This provided a net present value of AUD $1.3 billion dollars before tax for the project, using a 5% discount rate, a gold price of USD $1,700 per ounce, and an AUD/USD exchange rate of 0.741.

    Tietto's Abujar Gold Project in Côte d’Ivoire, West Africa
    Tietto’s Abujar Gold Project in Côte d’Ivoire, West Africa. Image: Tietto Minerals Limited

    The project is expected to be delivered with a total capex of USD $200 million, while a USD $8.65 million early work program including front end engineering and design, along with site and camp construction is nearing completion. First gold is expected in Q4, 2022.

    Tietto notes that the financing is conditional upon due diligence, documentation and other conditions precedent.

    Jonathan Norris
    Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.

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    • Delayed Prices (USD) - Last Updated 06-12-2021
    • Gold $1,782.60
    • Silver $22.51
    • Platinum $930.00
    • Palladium $1,750.00
    • Dalian Iron Ore i2205 $98.48
    • Aluminium $2,623.00
    • Cobalt $67,050.00
    • Copper $9,418.00
    • Lead $2,210.50
    • Nickel $20,030.00
    • Tin $39,335.00
    • Zinc $3,161.50