Theta Gold Mines secures all mining approvals

Theta Gold Mines (ASX:TGM) reports that mining right (MR) 83, including the Beta, CDM, and Frankfort mines, is now fully permitted for mining. 

Chairman Bill Guy says upon completing a ‘major’ condition precedent for potential project financing the company previously announced, Theta can now confirm MR83 has obtained all permits. 

“The company will now focus on finalising funding packages and working with our selected EPC contractor to build the gold plant. This is a major development for Theta and paves the way for us to now commence mining operations.

As part of MR83 licence, Theta has proposed a robust ESG program to restore the hydrology of the local catchment. The river system is directly linked to the livelihood of over 20,000 farmer employees and the famous Kruger National Park. 

Currently, the river is facing severe pressure due to invasive species and poor land management practices. To restore the catchment and the river, Theta will collaborate with local industry and NGOs.”

During September 2023, the company had an objection lodged against its environmental approvals, as part of a 90-day public review period by one individual out of over 900 public and private members. 

This objection was rejected by the Department of Forest Fishery and Environment and all other related departments. The main condition imposed in lifting the objection was quarterly boreholder and downstream water testing. 

Theta, which has a market capitalisation of $85.38 million, says it has required approvals including atmospheric emissions licence, explosive licence for transport and usage, forest licence, environmental authorisation, water use licence, environmental rehabilitation guarantee in place, updated social and labour plan, and heritage record of decision. 

Theta Gold Mines is a gold developer focused on its prospective gold assets in a South African gold mining region. 

As of 31 December 2023, the company had US$634,000 cash and cash equivalents and US$1.97 million of unused finance facilities at hand, according to its latest quarterly report. 

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Images: Theta Gold Mines
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.