Name of the Project
TGME underground project.

Location
Mpumalanga, South Africa.

Project Owner/s
Theta Gold Mines.

Project Description
The TGME underground project comprises the Beta, Frankfort and CDM mines, all of which form part of the central-northern area of Mpumalanga.

A prefeasibility study (PFS) has shown that the narrow, high-grade reef systems can be mined using modern mechanised mining techniques, and that the gold can be recovered using the modern metallurgical technologies of ultrafine grinding and intense carbon-in-leach. About 419 000 oz of gold are expected to be delivered to the plant over the initial life-of-mine (LoM) of 7.67 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the base case, the project has a net present value, at a 5% discount rate, of $91.2-million and an internal rate of return of 82%, with a payback of about 13 months from first gold and 22 months from the start of mining.

Capital Expenditure
Total capital expenditure is estimated at $78.5-million.

Planned Start/End Date
Not stated.

Latest Developments
Theta Gold Mines has extended the prefeasibility study (PFS) on its Theta underground project to include the Rietfontein mine.

The PFS, which was announced in April 2021, originally incorporated only the Beta, Frankfort and CDM mines.

“It is expected that the addition will increase the production profile and mine life, along with further improving project economics,” chairperson Bill Guy has said.

Rietfontein high-grade ore was successfully mined until 1945 using the shrinkage stoping method, producing 65 000 oz of gold from 227 000 t of ore, recovering more than 8 g/t. This method was also chosen for the PFS, owing to the proven methodology and relatively low ore dilution. The Rietfontein development will be undertaken within the existing historical footprint, with minimal new surface disturbance.

All workstreams for the Rietfontein PFS have been completed, except for the metallurgical testwork, as a result of backlogs at laboratories globally.

The DFS on Theta has been running alongside the Rietfontein PFS and solid progress has been made by the team. 

The company has said it will continue to build up its mining reserves during the next year by progressing Rietfontein and other mines to DFS level. The company remains focused on its target of reaching 160 000 oz/y within five years from a multimine development programme.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Theta Gold Mines, tel +61 2 8046 7584 or email info@thetagoldmines.com.