Tietto secures $140m for 200 000 oz/y Côte d’Ivoire mine
PERTH (miningweekly.com) – Africa-focused gold developer Tietto Minerals has secured $140-million in debt funding for its Abujar gold project, in Côte d’Ivoire.
MD Dr Caigen Wang said securing the financing with Taurus Mining Finance provides certainty for shareholders and comes within six weeks of delivering the Abujar definitive feasibility study (DFS).
“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 debt facility would have a five-year period, and would allow for early repayment without any penalty, with no mandatory gold hedging required.
Taurus will work to finalise its due diligence over the project prior to providing a committed offer for finance.
The recently completed DFS estimated that the Abujar project would require a capital investment of $200-million, and could generate life-of-mine (LoM) revenues of $2.87-billion, LoM pre-tax free cash flows of $1.28-billion and earnings before interest, taxes, depreciation and amortisation of $1.52-billion.
The project is expected to produce 260 000 oz of gold in its first full year of production, and will produce 200 000 oz/y of gold in the first six years of an eleven-year mine life. LoM gold production is estimated at 155 000 oz/y.
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