Zhaojin wins control of Ivory Coast's Abujar gold mine in $475m deal
TLDR
- Zhaojin Capital acquires control of Australia's Tietto Minerals, valuing the gold producer at $474.62 million.
- Tietto Minerals operates the Abujar gold project in Ivory Coast, with an estimated potential of 1.69 million ounces of gold.
- The Abujar mine, in operation since January 2023, produced 37,111 ounces of gold in the first quarter of 2024.
China’s Zhaojin Capital has secured control of Australia’s Tietto Minerals after a six-month takeover battle valuing the gold producer at $474.62 million, according to a recent regulatory filing.
Zhaojin Capital, a subsidiary of Hong Kong-listed Zhaojin Mining, increased its voting power to 52.8% from 42.5%. Tietto Minerals, listed and headquartered in Australia, operates the Abujar gold project in Ivory Coast.
The Abujar mine has an estimated potential of 1.69 million ounces of gold, or nearly 48 tons, based on exploration of less than 10% of its 1,114 km² concession area, indicating the potential for further discoveries. Operational since January 2023, the mine produced 37,111 ounces of gold in the first quarter of 2024, equating to just over a ton.
Key Takeaways
Ivory Coast is a significant gold producer, ranking as the sixth-largest in Africa, alongside its production of manganese, oil, and gas. Recently, Canada's Montage announced the discovery of the largest gold deposit in the country, following the commencement of production at a major oil and gas deposit. Although agriculture remains the primary sector, the extractive industry contributed approximately 13% to total export values and 6% to government revenues in 2022. Over the past decade, there has been a notable increase in gold production, highlighting the growing importance of the mining sector in Côte d'Ivoire's economy.
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