Gold developer and explorer Tietto Minerals has secured up to $140 million in debt funding to develop its Abujar gold project in Côte d’Ivoire, West Africa.
Company managing director Caigen Wang said securing the financing with Taurus Mining Finance Fund will provide project certainty for shareholders.
“Our experienced project build team has been advancing early works and is now confident the debt funding will be in place as we proceed onto major works needed to develop Abujar into West Africa’s next gold mine,” he said.
The funding comes within six weeks of delivering the Abujar definitive feasibility study, which demonstrated robust financial results for the project and estimated first-year gold production of 260,000 ounces, with 1.2 million ounces anticipated in the first six years of mining.
The five-year loan will be underwritten by Taurus Mining Finance Fund, a resources fund manager with a long history of investing in the West African gold sector.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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