Latest news with #TGME
Yahoo
11-06-2025
- Business
- Yahoo
TGM secures $35m loan agreement for South African underground gold project
Theta Gold Mines has secured a loan facility agreement and indicative funding terms from the Industrial Development Corporation of South Africa (IDC) for the financing of the TGME underground gold mine project in South Africa. The IDC has granted a seven-year debt funding loan valued at R622m ($35m) for the project, which includes an initial 18-month period where both capital and interest payments are deferred. The agreement follows a thorough due diligence process and is subject to standard conditions including satisfactory security terms with co-lenders and completion of the company's equity funding contribution. The company has also achieved a 13-year renewal for Mining Right 83 (MR83) until 2038. MR83 covers key mines including Beta, CDM and Frankfort within the TGME Underground gold project. Theta Gold Mines' subsidiary has maintained control over this area for more than 130 years, underscoring its long-standing presence in the region. Theta Gold Mines chairman Bill Guy said: 'The IDC, South Africa's state-owned institution, has completed a due diligence and approved funding of the project. Its debt funding Loan Facility Agreement in the TGME Underground Gold Project signals strong confidence in the project's economics and alignment with IDC's sustainable growth mandate. 'This is a major funding milestone, with [the] next step finalising legal agreements. IDC has a proven track record backing early-stage African successes like Kumba Iron Ore and Alphamin Resources.' Theta Gold Mines, an advanced gold development company, is currently updating its definitive feasibility study (DFS), initially released on 27 July 2022, with the revised version expected in the third quarter of 2025. With the current gold spot price near $3,324/oz, the updated DFS is expected to reveal substantially improved economics for the project. Last month, the company started pre-construction at the TGME gold processing plant in South Africa. "TGM secures $35m loan agreement for South African underground gold project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-05-2025
- Business
- Yahoo
Theta Gold begins pre-construction activities at TGME gold plant in South Africa
Theta Gold Mines has announced the commencement of pre-construction activities at its TGME gold processing plant in South Africa. The plant will process a combination of underground ore, surface tailings and rock dumps from the TGME Gold Project to produce Doré bars for refining. The company has started decommissioning the old gold plant and finalising design and engineering packages in preparation for the construction phase. RM Processing has been appointed to oversee the final plant design and cost estimates. The tender process for construction is in its final stages, and the civil design works and site layout have been fully permitted. The company has outlined a forecast schedule targeting the second quarter of 2025 for the execution of engineering, procurement, construction and management (EPCM) contracts and the commencement of bulk earthworks. Predevelopment work included the procurement of electrical and wastewater management systems, engagement of mobile cranes and heavy equipment, and the purchase of machinery to dismantle old structures. Additionally, the site has been prepared with perimeter fencing, rerouted water supply and temporary reservoir installations. Theta Gold Mines has also identified a near-term opportunity to process approximately 174,000oz of gold, including 140,600oz of indicated resources, from tailings dams and surface rock dumps located around the processing plant. Theta Gold Mines chairman Bill Guy said: 'We are pleased to report that Theta is nearing build-ready with a fully designed, engineered and permitted gold processing facility. 'The transition from planning to action has begun with the decommissioning of the old plant and site preparation well under way. This is a major step forward in transforming Theta into a near-term gold producer.' In February 2024, Theta Gold Mines signed a memorandum of understanding with Yellow River, a unit of Power Construction Corporation of China, to construct the first phase of its TGME project. "Theta Gold begins pre-construction activities at TGME gold plant in South Africa" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
