The Industrial Development Corporation of South Africa (IDC) has approved a $35mn loan to ASX-listed Theta Gold Mines (Theta).
According to Mining Weekly on June 10, Theta will use the facility to advance its TGME underground mine in eastern South Africa to 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,' said Theta chairperson Bill Guy.
Among other terms, the loan has a term of seven years from first drawdown.
“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,” Mining Weekly wrote.
According to the study, Theta will need about $66mn to develop the underground mine.
© 2025 bne IntelliNews, source Magazine