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Africa|Construction|Gold|Industrial|PROJECT|Surface|Sustainable|Underground
Africa|Construction|Gold|Industrial|PROJECT|Surface|Sustainable|Underground
africa|construction|gold|industrial|project|surface|sustainable|underground

South Africa's IDC approves R622m loan for Theta's TGME underground mine project

The TGME is a past-producing operation near Pilgrim's Rest

The TGME is a past-producing operation near Pilgrim's Rest

10th June 2025

By: Creamer Media Reporter

     

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Development finance institution the Industrial Development Corporation of South Africa (IDC) has extended a credit-approved loan facility agreement for R622-million, or about A$53.8-million, to help fund ASX-listed Theta Gold Mines' TGME underground gold mine project, in Mpumalanga, South Africa.

The agreement, which includes a debt term of seven years from first drawdown, follows the completion of due diligence by the IDC and allows Theta to move ahead with development and construction.

“The debt funding loan facility agreement . . . signals strong confidence in the project’s economics and alignment with the IDC’s sustainable growth mandate. This is a major funding milestone," comments Theta chairperson Bill Guy.

The funding from the IDC remains subject to the finalisation of legal documentation and satisfaction of terms acceptable to the IDC and the completion of Theta's equity funding contribution for the project, among other conditions.

Theta states that its flagship TGME project offers near-surface and shallow underground orebodies. A July 2022 feasibility study, covering the first four mines that make up the TGME underground project – Beta, CDM, Frankfort and Rietfontein – set out a base case life-of-mine operation delivering production of 1.24-million ounces of contained gold.

The study, which is being updated, also estimated a capital requirement of about A$102-million to develop the project.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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