HomeGoldTietto secures up to US$140 million debt funding

Tietto secures up to US$140 million debt funding

Tietto Minerals has mandated Taurus Mining Finance Fund No.2 L.P. a dedicated resources fund manager to deliver a Project Development Facility of up to US$140 million of debt funding necessary to build the Abujar Gold Project in Côte d’Ivoire.

Tietto MD Dr Caigen Wang said securing the Financing with Taurus provides certainty for shareholders and comes within six weeks of delivering the Abujar 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.”


  • Underwritten project development facility of between US$130 million to US$140 million over a 5 year loan
  • Loan covenants customary for a facility of this type and reflect the competitive nature of the current market.
  • Early repayment allowed at any time without penalty
  • No mandatory gold hedging required
  • Exploration to continue during construction period using Tietto’s low-cost drilling fleet
  • Abujar DFS demonstrated robust financial results and estimated first-year gold production of 260,000oz and 200,000 oz per year over the first six years of Abujar’s 11-year mine life for an NPV5% A$1.3B (pre-tax) and A$0.97B (post-tax) using US$1,700/oz and A$/US$=0.74
  • For the total capex of USD$200 million from the DFS, US$8.65 million early work program nearing completion including FEED, site and camp construction
  • Tietto is well-funded, with ~A$32.8 million cash at bank at end of September 2021 and anticipates up to a further A$10 million in option exercise premium by end December 2021.
  • Tietto is targeting first gold at Abujar in Q4 CY2022