Junior gold miner Tietto Minerals has unveiled a new life-of-mine (LOM) plan for its Abujar gold mine, in Cote d’Ivoire.
Over the nine-year mine life, from 2024 to 2032, Abujar is expected to produce an average 170 000 oz/y of gold at an all-in sustaining cost of $982/oz. The new LOM plan estimated an average annual pre-tax cashflow of $137-million and a post-tax of $108-million.
Tietto on Thursday said that the project’s pre-tax net present value has now been estimated at $1.06-billion, and its post-tax net present value at $853-million at a gold price of $1 900/oz.
“We are pleased to finalise this updated LOM plan for our Abujar gold mine as we continue to ramp up gold production. The updated LOM plan shows all-in sustaining cost of $982/oz over the life of the mine, and strong average nine-year production of 170,000ozper year at a life of mine head grade of 1.04 g/t gold,” said Tietto MD and CEO Matt Wilcox.
“Tietto achieved strong cash and bullion generation in the September quarter of A$18-million at a significantly lower average head-grade than reserve head-grade. This updated LOM plan demonstrates just how strongly Abujar can perform over a longer timeframe, which will become apparent as our mining contractor begins to generate stockpiles enabling grade selection for mill feed.”
The updated LOM plan followed an updated of the project’s gold reserves, which is now estimated at 36.7-milion tonnes, grading 1.15 g/t gold for 1.36-million ounces, up from the previous reserve estimate of 34.4-million tonnes at 1.31 g/t gold for 1.45-million ounces of gold.