The defence mandate pitches are flying towards tightly held West African gold play Tietto Minerals, after a Chinese gold miner revealed its interest in the company.
Zhaojin Mining Industry Company Limited lodged a substantial shareholder notice for a 5.2 per cent Tietto Minerals stake late last week, showing it accumulated a stealth stake in April and May before jumping above the disclosure threshold on July 8.
Tietto’s project is due to start pouring gold later this year. Bloomberg
Zhaojin is significant player in gold in Asia. It is the largest gold producer in China’s Shandong Province, an area known as the country’s “gold city” thanks to its ample reserves and long mining history, is listed in Hong Kong with about a HKD21 billion ($3.9 billion) market capitalisation and recorded $1.5 billion revenue last year.
Zhaojin predominantly has mines in China, however has popped up at Tietto as its project is on track to become the West Africa’s next producing gold miner.
Tietto owns the Abujar Gold Project in Côte d’Ivoire (Ivory Coast), which is targeting first gold pour by the end of the year, and the companyraised equity in 2021andthis yearto fund its project through to production.
