Tietto Minerals: Signs US$140m loan for Abujar

Tietto Minerals Signs US$140m loan for Abujar

• Tietto Minerals (TIE) is in talks to secure up to US$140 million (A$190.5 million) in debt funding to develop its Abujar Gold Project in West Africa
• Taurus Mining Finance Fund has agreed to underwrite a five-year development facility, however a formal offer is subject to due diligence being completed
• Abujar is expected to produce 260,000 ounces of gold over its first year and another 200,000 ounces per year for the first six years of the project’s 11-year mine life
• The company forecast the gold project would require US$200 million capital expenditure and says it’s confident Taurus will secure the necessary funding
• Shares in TiettoMinerals are up 2.22 per cent at 46 cents each