Tietto Minerals receives off-market takeover proposal from Zhaojin Capital

November 7, 2023

West Africa’s newest gold producer Tietto Minerals (ASX: TIE) has received a conditional and non-binding off-market takeover offer from Zhaojin Capital, which is a wholly-owned subsidiary of Zhaojin Mining Industry Company.


Zhaojin proposes to acquire all of the shares in Tietto that it does not already own for a cash consideration of $0.58 per share.


The group is currently Tietto’s second largest shareholder, with a 7.02% holding.


The offer is conditional upon a 50.1% minimum acceptance from Tietto shareholders.


It will require approval from Chinese regulators as well as the Ministry of Mines, Petroleum and Energy of Côte d’Ivoire, where Tietto’s Tflagship Abujar gold operation is located.


A successful takeover by Zhaojin would result in a delisting of Tietto from the Australian Stock Exchange.


No certainty

Tietto said there was no certainty that Zhaojin’s indicative offer would convert to a binding proposal that its board would be willing to recommend to shareholders.


The company has appointed Barrenjoey and Corrs Chambers Westgarth as financial and legal advisers to help with the process.


The board is expected to consider the proposal and provide Tietto shareholders with advice in due course.


Tietto confirmed its shareholders do not need to take any action at this stage.


Special purpose vehicle

Zhaojin Capital is a special purpose vehicle incorporated in Hong Kong by Zhaojin Mining Industry for the purposes of the Tietto offer.


Zhaojin Mining Industry was incorporated in 2006 in the People’s Republic of China and is an integrated gold corporation with exploration, mining, processing and smelting operations.


It has a track record of investing in the gold mining industry, with principal products including standard Au9999 and Au9995 gold bullion.


The majority shareholder of Zhaojin Mining Industry is Zhaojin Group, which is a Chinese mining and industrial chain company founded in 1974.


Approximately 90% of its shareholding is held by the Zhaoyuan Municipal Government of Shandong Province.


In the event the takeover is approved, Zhaojin Mining Industry said it would support and accelerate the growth of Tietto and the Abujar gold mine.


Gold production

Tietto reported 33,750 ounces of gold production from Abujar for the three months to end September, following a June tally of 15,592 oz.


While production ramped up in July and August, it dipped to 10,962 oz gold in September, which was lower than forecast as heavy rains impacted scheduled mining volumes, reduced total mill feed and prevented Tietto from establishing stockpiles.


Mining rates are expected to increase progressively in the current quarter once the dry season starts and the company employs additional excavators and mobile equipment.



Processing performance improved during the period as Tietto began feeding through fresh rock from Abujar, while grade also improved as depleted oxide material was sent through the mill.


Source: https://smallcaps.com.au/tietto-minerals-receives-off-market-takeover-proposal-zhaojin-capital/

July 8, 2024
Dendra has evolved its aerial seeding technology to the point that it can cover up to 44 hectares per day – a 10-fold increase in just a decade. The Australian mining industry is beginning to understand the gravity of the environmental, social and governance (ESG) movement and what it means for a company’s bottom line. Regulators, investors and other stakeholders are increasingly taking ESG into account when making decisions that affect a mine’s financing and development. Dendra is enabling ESG compliance in the local resources sector by empowering miners and contractors to implement better ecosystem-restoration practices, leading to improved land treatment and relationships with Traditional Owners. As an important component of ecosystem restoration, aerial seeding sees drone fleets disperse various seed types and combinations onto disused mining areas, providing the foundation for ecosystem restoration, reducing erosion hazards, and suppressing the growth of invasive plant species. 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There is no terrain we cannot seed, which means we can easily scale because we only need to add more aircraft to increase the size of the area we’re trying to spread. “And even if the terrain is accessible, if you consider the cost per hectare, buying another drone is a lot more economical than buying another tractor to seed the same area.” Dendra makes seeding simple, with the mobility of its unmanned aerial vehicles (UAVs) meaning solutions can be quickly mobilised to a mine site. “Some of the mine sites we work with are so remote that it isn’t always practical to get machinery on-site in a short space of time,” Chandrasekaran said. “But we’re able to quickly deploy our UAVs, go out and complete hundreds of hectares of seeding over a couple of weeks. “We’re efficient, we’re safe, and we’re fully capable of being able to deliver seeding solutions at scale in a short period of time, which saves mining companies a lot of time and money.” While Dendra has already achieved so much with its aerial seeding solution, there is so much more potential for this technology to grow and evolve. 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July 4, 2024
The MagneW PLUS+ electromagnetic flowmeters from Azbil Corporation are designed to measure every sort of liquid, including water, chemicals, slurries, and corrosive liquids. The standard model has a mirror-smooth PFA (perfluoroalkoxy) liner for excellent adhesion resistance that enables outstanding durability even in long-term use. It is available in an integrated type and a remote type and can be used in a wide range of settings, including explosion-proof and outdoor environments. The Azbil magnetic flowmeters offer the following features: Improved performance and greater stability Suppression of flow noise is 3.5 times that of the conventional model for excellent stability in the presence of noise. Achieves more reliable measurement in individual applications through features such as an excitation frequency change function, an optional auto spike cutoff setting, travel averaging, and manual zero adjustment. Improved factory data memory function to facilitate checking after shipment In addition to the serial number and production date on the product tag plate at shipment, the human machine interface enables checking in maintenance mode. Statuses that may be difficult to read on the product tag plate are backed up as electronic data. High-speed batch function for batch applications A high-speed response function with a damping time constant of 0.1 second can be selected as an option. This enables compatibility with high-speed batch applications, allowing use with a pulse frequency of up to 3000 hertz. Compatible with HART and CommPad communicators as a standard feature Communication with CommPad is supported as in previous models. Communication superimposed on the analogue signal can be used by selecting the HART communicator function.  For further information, contact AMS Instrumentation & Calibration , Azbil’s Australian distributor. Source: https://www.australianmining.com.au/introducing-azbils-new-electromagnetic-flowmeters/