West Wits Mining secures $48mn loan to advance gold mining near Johannesburg

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West Wits Mining (ASX: WWI) has secured a binding term sheet for a senior loan facility of up to ZAR875mn ($48mn) to advance the revival of gold mining operations near Johannesburg, Mining Weekly reported. The financing marks a significant step for the Australian-listed miner’s Witwatersrand Basin Project (WBP), located on the western edge of Johannesburg, historically known as the “City of Gold”.West Wits Mining said the facility would support development of the Qala Shallows project, the first phase of the WBP, which aims to restart mining activities in one of South Africa’s oldest and most prolific gold-producing regions. The company has been seeking funding to transition the project into production amid stronger gold prices and renewed investor interest in South African gold assets. According to the report, the project is designed as a shallow, mechanised mining operation targeting remnant gold resources left behind by earlier large-scale mining activities in the Witwatersrand Basin.West Wits Mining has previously said the Qala Shallows project could produce about 924,000 ounces of gold over an initial 17-year mine life.The Witwatersrand Basin remains one of the world’s richest gold regions, although many legacy mines around Johannesburg were closed over recent decades because of rising operating costs, ageing infrastructure and declining ore grades. The latest financing underscores renewed efforts by junior and mid-tier miners to rework previously mined areas using lower-cost extraction methods and modern processing technologies.© 2026 bne IntelliNews, source Magazine

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