West African gold explorer Tietto Minerals said on Monday (November 22nd) that its 3.35 million ounce Abujar gold project in Côte d’Ivoire is now fully funded through production. The company has received binding commitments for a two-tranche equity offering to raise A $ 85 million (US $ 61.693 million) on the Australian stock exchange ASX to complete funding for its flagship project.
Petra Capital acted as sole lead manager and sole bookrunner, as well as the partners Jett Capital Advisors, LLC, who acted as co-managers of the investment.
“With the support of this AU $ 85 million placement, we now have funding in place to allow us to build Abujar and turn Tietto into the next West African gold producer as we move the project forward. in production on schedule in 2022, ”said Caigen Wang (photo), CEO of Tietto. This amount will also be used to continue exploration of the project for the growth of gold resources, as well as for working capital.
The placement includes a significant investment from one of China’s largest gold miners, Zhaojin Mining.
As a reminder, Tietto already has a credit facility worth between $ 130 million and $ 140 million with Taurus Mining Finance Fund. The project is expected to produce 260,000 ounces of gold in its first full year of production and to produce 200,000 ounces / year of gold in the first six years of an 11-year mine life. LoM gold production is estimated at 155,000 oz / year.
