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Tietto pushes go button on African gold mine

Tietto Minerals has pushed the go button on its three-million-ounce Abujar gold project in Côte d’Ivoire West Africa after appointing EPSA Internacional SA as its open-pit mining contractor. The Perth-based company said it expects the contractor to have its gear on site in July ahead of mining commencement in August.

Tietto has used its own fleet of company drill rigs to prove up its significant African gold resource at breakneck speed over the last 2 years.

EPSA is a privately-held earthmoving, civil works and mining firm based in Spain that delivers a range of services to global blue-chip mining clients.

Notably the company says it has 4000 people on the payroll and lays claim to an armoury of close to 1600 pieces of capital equipment to drive projects into reality.

Tietto said site preparation, drill and blast, load and haul and maintenance work are all included in the scope of the EPSA contract.

It said the decision to appoint EPSA was an easy one given the mining company’s track record in the region, including recent work at ASX-listed Perseus Mining’s Yaouré gold mine, 150 kilometres east of Abujar.

Perseus, with the help of ESPA, launched commercial production there early last year and it is expected to pump out more than 200,000 ounces of gold per year during the mine’s first five years of operation at an average all-in sustaining cost of around US$734 an ounce.

Interestingly, Abujar, on track to deliver its first gold later this year, has a forecast gold production better than Perseus, at 260,000 ounces in the first year and around 1.2 million ounces in the first six year at an all-in sustaining cost of just US$651 an ounce.

Tietto said once complete, Abujar could be amongst the largest producing gold mines in the country.

The company has also been hard at work on the mine’s development and has so far advanced the site’s administration facilities, cafeteria and more than 100 camp rooms.

With the mine entering the home straight on the way to production Tietto is also poised to deliver an imminent resource update after a very successful field campaign.

Tietto’s company owned fleet of rigs are capable of punching out around 10,000 metres per month at a meagre cost of around US$35 per metre and the company has used its own fleet to great effect.

Tietto is also well positioned to fund its Abujar project, having already sealed an $85 million placement that will be used in tandem with its debt strategy to fund the US$200 million project.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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