West African producer, Tietto Minerals, has garnered a conditional buyout proposal. The offer comes from Zhaojin Capital, a subsidiary of Zhaojin Mining Industry Company. Their aim is to purchase the remaining shares not held by them for A$0.58 each, in an off-market takeover.
Currently, Zhaojin stands as the second-largest shareholder of ASX-listed Tietto, possessing 7.02% of the company’s shares.
Valued approximately at $415 million, this proposed deal has prompted Tietto to bring Barrenjoey and Corrs Chambers Westgarth on board. These firms will provide financial and legal guidance as Tietto deliberates over the proposition.
Earlier this year, Tietto initiated gold production at its Abujar mine located in Côte d’Ivoire. According to a [report by The Sun](#), projections for 2023 hint at the mine generating between 105,000 oz and 120,000 oz of gold.
