Tietto Minerals Limited (Tietto), a West African gold developer and explorer, has received multiple proposals from project funding providers as it moves towards construction of its 3.35Moz Abujar Gold Project in Côte d’Ivoire, West Africa
After securing non-binding debt offers of up to US$180mn from overseas institutions, Tietto expects to settle on a potential lender this month and has noted that the offers are indicative only and non-binding.
Tietto managing director Caigen Wang said the indicative offers showcased the project’s technical and financial strengths. “We are extremely pleased with the quality of the institutions that have indicated their interest to provide the project funds needed to develop the Abujar Gold Project into West Africa’s next gold mine,” Wang added.
Highlights include:
-Tietto has received indicative project funding proposals for the Abujar Gold Project from leading offshore financial institutions, with non-binding offers from traditional bank project finance, debt funds, streamers and fixed income instruments ranging between US$120mn and US$180mn
-The offers contain attractive commercial terms consistent with project financing of this nature
-The strong response from lenders follows recently released key findings from Tietto’s Definitive Feasibility Study for Abujar in October 2021
-Tietto continues to advance Abujar’s development with a US$8.65mn early work programme underway including front end engineering and design, site and camp construction and purchase of unused SAG mill
-Tietto is targeting first gold at Abujar in the Q4 2022.
