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ADU PReVIeW

Tietto only just warming up

ietto Minerals Ltd is on the cusp of being “Success always come down to people able with the way everything is being rolled
Trewarded for its aggressive approach to- and relationships and since joining us last out.”
wards construction of West Africa’s newest year, Matt has been working feverishly to Barring any unexpected setbacks, Tietto
gold mine. pull all of this together. To a degree, he’s will finish the calendar year as West Africa’s
First gold from Abujar in Cote d’Ivoire re- managed to lock some prices away in last newest gold producer. While there is usu-
mains firmly on track to be poured before year’s terms because he’s working with ally an element of pressure associated with
the end of the year, with construction works suppliers he has a history with and because such a tag, Strizek is confident the com-
progressing on schedule and budget de- they all knew this project was going to hap- pany will both quickly and comfortably slot
spite a climate of global inflation. pen.” in alongside ASX peers such as WAF and
SAG mill installation and structural me- Strizek added that while Tietto had not Perseus Mining Ltd.
chanical piping activities began last month, been spared the impact of higher transport If anything, Strizek believes the ease with
while two of the eight CIL tanks have now and logistics costs compared to last year’s which Tietto is advancing at Abujar has
achieved full height. Concrete works were feasibility study estimates, Wilcox and his placed a different level of scrutiny over the
due to be completed at the time of print. team have identified savings in other areas company.
The camp is also more than 50% opera- and the company was still yet to dip into any “As we get closer and closer to produc-
tional and scheduled for full handover later contingencies in the construction budget. tion and de-risking, what keeps me awake
this month. Tietto also appears to be benefitting from at night is being taken over before we’re
Rapid progress at Abujar has been a being located in a jurisdiction where avail- really able to execute and deliver what we
consistent theme for think will be some
Tietto over the past 18 exceptional value for
months since appoint- shareholders,” he
ing experienced West said. “Obviously, the
African project director softness that we’ve
Matt Wilcox as chief seen across all re-
operating officer. Wil- source and commodi-
cox and his team have ties markets – a lot of
overseen construction which I think is driven
of four gold mines in by animal instincts
the region over the as opposed to real
past decade, the most fundamentals – cre-
recent being Sanb- ates opportunities for
rado for West African predators.”
Resources Ltd (WAF) Both WAF and Per-
in 2020. seus have been the
At the time of Wil- envy of their Austral-
cox’s appointment, ian-based peers over
which preceded com- the past six months as
pletion of the PFS, inflationary pressures
Tietto pledged to de- continue to impact
liver first gold before profitability of opera-
the end of 2022. As it tions. With Tietto also
stands, that ambition forecasting robust
is all but certain to be- economics from early
come reality. production at Abujar
Tietto executive di- Construction works at Tietto’s Abujar project in Cote d’Ivoire are advancing rapidly ahead – some 260,000oz
rector Mark Strizek of targeted first gold in Q4 2022 gold is expected in the
said the company’s first year alone and
seemingly aggressive development push ability of skilled labour is not a concern. 1.2 moz across the first six years – Strizek
was in line with its commitment to deliver “The big thing that Matt keeps reminding suggested maybe the tide has turned for
maximum value for shareholders. us is West Africa is not Western Australia,” African-focused producers.
“In this game they always say time is Strizek said. “We all used to be talk about a West Af-
money, so anything you can do to compress “In West Africa, there’s still high unem- rican discount, but maybe now we’re going
those timelines is going to save your share- ployment so there’s a labour pool and to become a premium,” he said.
holders money,” Strizek told Paydirt last contractors over there who aren’t subject “The investment proposition has always
month. to the same pressures we’ve seen here in been there – great opportunity for explora-
“We knew that securing great execution Australia. tion success, supportive governments and
ability was the No.1 priority for us on this jour- “We’re very much focused on what we communities, clear timeframes for getting
ney to first gold and we think we’ve managed can control. We’ve still got just under six approvals and development. We’re not only
to secure the best West African construction months to complete the build, so things can creating incredible value for shareholders
team going around. Matt and his team have potentially happen between now and then, but incredible value for the nationals, or the
done it before and they’re doing it again. but right now we’re feeling quite comfort- Ivorians in our case.

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