https://www.miningweekly.com

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

     

Font size: - +

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 Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Projects

An image of gold bars
Horne 5 project, Canada
Updated 5 hours ago By: Sheila Barradas

Showroom

Energy and Densification Systems
Energy and Densification Systems

Energy and Densification Systems (EDS) has developed equipment for crushing, milling, blending and densifying products. Based on its globally...

VISIT SHOWROOM 
Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

MinRes Pilbara hub
MinRes posts strongest full-year financials yet
27th August 2026 By: Marleny Arnoldi
Resources Watch
Resources Watch
26th August 2026

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 0.069s - 111pq - 2rq
Subscribe Now