Tietto Minerals Sets Quarterly Production Record At Abujar Gold Project

Tietto Minerals Ltd (ASX: TIE) has achieved a quarterly record by producing 37,111 ounces of gold at its Abujar Gold Project in Côte d’Ivoire in the March quarter of 2024.

This is on the way toward planned full production rates.

Notably, milling rates increased to 410,000 tonnes of ore per month in the March quarter from a monthly average of 381,000 tonnes over the prior six months (July to December 2023).

Debt-free by H1 2024 end

Tietto is planning to make its final debt repayments totalling US$6.5 million in the June quarter.

With that, it is looking to be debt-free and at full production by the end of H1 2024.

The company’s gold sales remain unhedged and it is benefitting strongly from the current gold prices.

Tietto Managing Director and CEO Matt Wilcox said: “Tietto produced a record 37,111oz gold at Abujar in the March quarter as we continue to move towards full production. We expect to achieve continual operational improvements as the year progresses.”

Takeover proposal from Zhaojin

In October 2023, Tietto received an unsolicited non-binding takeover proposal from Zhaojin Capital, a subsidiary of Zhaojin Mining Industry Company.

Zhaojin offered to acquire 100% of Tietto for a cash consideration of A$0.58 per share.

Tietto’s directors unanimously recommended shareholders not to accept Zhaojin’s offer as they believed the offer price materially undervalued the company.

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