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West African gold producer Tietto Minerals has received a conditional, nonbinding indicative proposal from Zhaojin Capital, a wholly-owned subsidiary of Zhaojin Mining Industry Company, to acquire 100% of the issued shares not already owned by Zhaojin for A$0.58 a share by way of an off market takeover offer.

Zhaojin is ASX-listed Tietto’s second-largest shareholder and holds 7.02% of the company’s shares.

The proposed transaction is valued at about $415-million and Tietto has appointed Barrenjoey and Corrs Chambers Westgarth as financial and legal advisers to help it consider the proposed offer.

Tietto poured first gold at its Abujar mine, in Côte d’Ivoire, in January. The mine is expected to produce between 105 000 oz and 120 000 oz of gold for the full 2023.