Tietto Minerals Ltd (ASX:TIE) has officially begun contract mining activities at the 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa, which remains on development schedule and within budget.
TIE has no debt, a comfortable position to be in with Abujar forecast to produce 260,000 ounces of gold in 2023.
The company will continue to pursue its ‘drill and build’ strategy by driving rapid resource growth at the project while also fast-tracking development to achieve first gold by the end of this quarter.
Shares hit record
Shares today are up 4.4% to $0.83, a new record high for the company, and have climbed steadily from $0.31 at the market close on June 30, 2022, as development picked up pace.
Tietto is finalising an update to Abujar’s life of mine (LoM) production plan using the current mineral resource, increased mill throughput and higher gold prices.
The spot price of gold currently sits at 20% higher than the US$1,407 per ounce assumed in Abujar’s definitive feasibility study.
Tietto aims to complete 120,000 metres of drilling in this calendar year with a fleet of eight rigs in operation at Abujar.
Abujar project status
During October, the company achieved mechanical completion of the semi-autogenous (SAG) mill, although liner installation had just reached 50% completion by the end of the month.
The crushing area is also structurally and mechanically complete, electrical installation has begun and crushing is expected to begin this month.
Abujar crusher area.
The carbon-in-leach (CIL) tanks are functionally complete with piping and electrical installation being finalised.
CIL tanks are functionally complete.
The water storage dam is now closed and capturing water, and the tailings dam is 60% lined.
Water storage progress.
Electrical substations are expected to be commissioned in November and energised in December.
Abujar 90 KV substation.
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