Tietto Minerals is predicting a glittering first six-year haul of 1.2 million ounces of gold at a formidable all-in sustaining price of US$800 (AU$1197) per ounce because it scales as much as full manufacturing at its new Abujar Gold Mine on West Africa’s Ivory Coast. The corporate believes it should set the inspiration for its daring estimate by producing 260,000 ounces of gold in its first yr.
After finishing the ramp-up section of its Abujar plant-commissioning, the corporate has swept into full manufacturing mode. The primary blast of contemporary mine rock got here on March 14, following an preliminary gold pour on January 14. The corporate’s first gold gross sales have been made final month.
Tietto’s gold recoveries of about 95 % are in keeping with the corporate’s expectations. Grade management and mill manufacturing is exhibiting a robust constructive correlation to reserves for contemporary rock in areas unaffected by depletion, because of shallow artisanal mining.
Tietto anticipates a late-April launch for its 2023 manufacturing and value steering and likewise plans to quickly define up to date Abujar mineral useful resource and mine-life estimates. The corporate is fully-funded, unhedged and has no debt, leaving it to drive into free money technology.
The present useful resource at Abujar is 3.45 million ounces of gold. However the firm expects its gold sources to develop after it accomplished 128,000m of drilling in 2022 and with an additional 120,000m deliberate for this yr.
The Abujar gold processing plant has a nameplate capability of 4.5 million tonnes every year and operates utilizing grid energy. It has carried out properly on near-surface oxide gold ore, processing greater than 11,000 tonnes a day. Tietto now additionally expects to attain nameplate capability with its contemporary rock gold ore within the June quarter of this yr as its mining marketing campaign progresses beneath the weathered zone.
Moreover, after the mission was delivered on time and beneath finances, Tietto’s chief working officer Matthew Wilcox has been appointed as an government director along with his present function.
Mr Wilcox beforehand delivered the 250,000-ounce-per-annum Sanbrado gold mine forward of schedule and finances for West African Assets. He additionally labored on the development and operation of a variety of giant carbon-in-leach and heap-leap gold mines in West Africa and Russia.
Matt Wilcox and his staff have overseen the development and long-term operation of a few of the largest gold initiatives in West Africa. His Staff’s extraordinary achievement in bringing the Abujar Gold Mine into manufacturing on time and beneath finances within the top of Covid-19 and through a interval of quickly escalating building prices can’t be overstated. His working and monetary expertise are first-class.
The Abujar gold mission is situated near good regional and native infrastructure and about 90 % of its tenements, which cowl 1114 sq. kilometers, stay unexplored. The tenements characteristic a north to north-east-trending gold hall with greater than 70km of strike inside the firm’s floor.
Tietto’s present mining tenement covers an space of ​​120 sq km and it’s progressing research into the heap-leach potential for a considerable second mine at Abujar.
The Ivory Coast produced 41.85 tonnes of gold in 2021 with expectations rising to 65 tonnes in 2025. The realm presently hosts six working gold mines with three extra underneath improvement.
Gold deposits within the area are hosted within the Archean-aged West African Craton. It’s geologically much like Western Australia’s Yilgarn Craton, which is residence to a strong slice of the State’s mineral wealth.
Tietto has climbed a mountain in Africa, taking its Abujar mission from simply an encouraging exploration play to an working gold mine in only a few quick years – one thing a lot of its ASX-listed friends might solely dream about.
Is your ASX-listed firm doing one thing fascinating? Contact: matt.birney@wanews.com.au
