HomeBusiness and policyTietto receives strong interest on Abujar Project funding

Tietto receives strong interest on Abujar Project funding

Tietto Minerals has received multiple proposals from project funding providers as moves towards construction of its 3.35 Moz Abujar Gold Project in Côte d’Ivoire.

Tietto expects to settle on a potential lender this month after securing non-binding debt offers of up to US$180 million from overseas institutions.

The Company notes that the offers are indicative only and non-binding. There is no guarantee that the indicative offers will lead to binding project financing agreements on terms that are satisfactory to Tietto, or at all.

Tietto Managing Director, Dr 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.”

Highlights

  • 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$120 million and US$180 million
  • 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 DFS for Abujar in October 2021
  • Tietto continues to advance Abujar’s development with a US$8.65 million early work program underway including front end engineering and design (FEED), site and camp construction and purchase of unused SAG mill
  • Tietto is targeting first gold at Abujar in Q4 CY2022 Tietto is well-funded, with ~$31 million cash at bank at end of September 2021

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