Ann: Becoming a substantial holder, page-50

Just found this one n the AFR now. The last para suggests like TIE believe a TO is coming.


Petra Capital crossed a line of 30.4 million shares in ASX-listed West African gold play Tietto Minerals after lunch on Friday, just as two Chinese investors race up its register.

The parcel represented about 3 per cent of the company, and was handled by Tietto’s house broker Petra. The trade was done on market at 1:11pm, at 55¢ a share for a $16.7 million total.

Fingers were pointing to Zhaojin Mining Industry Company or Chijin International (HK) Limited as the potential buyers of the stock.

Zhaojin started building a stealth stake in April and March, before breaching the substantial mark in early July. It was last recorded as owning 7.25 per cent of Tietto after October 3 trading.

Tietto’s other Chinese investor, Hong Kong based Chijin debuted at just under 8 per cent, buying in at 58¢ a share via a bilateral share placement agreement in September. Chijin is a subsidiary of Shanghai-listed Chifeng Jilong Gold Mining Co, which sells gold produced from its mines in China, Laos and Ghana.

If either Chijin or Zhaojin was behind Friday’s trade, it would take the company to owning more than 10 per cent of Tietto Minerals.

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 company raised equity in 2021 and this year to fund its project through to production.

Street Talk’s previously reported Tietto had been fielding defence mandate pitches as early as July when Zhaojin lobbed its substantial notice but before Chijin came in.