Theta Gold Mines’ (ASX:TGM) contractors and heavy equipment have mobilised to site at the TGME Gold Plant in South Africa, with bulk earthworks and civil engineering packages advancing on schedule and within budget.
Since the project started, Theta says significant ground movement has been achieved across terraces two, three, and four, with more than 12,000 cubic metres of material relocated and positive engineering compaction results delivered.
Bulk excavation for concrete retaining walls are complete, and all but one base has been cast, with reinforcement of the final base underway. The project remains on track for commissioning by the end of 2026.
Construction of the gold room platform has now started, with backfilling and base construction scheduled next week. Work on 19 bund wall extensions is progressing well – all bases are cast, five vertical extensions completed, and the remainder due within two weeks.
Theta notes these efficiencies leveraged on existing infrastructure and in-house resources, delivering significant cost savings without compromising quality.
Structural (12) concrete inspections have been completed, with all blinding, steel fixing, and pre-concrete inspections passing the required checks.
Concrete test cube results received from the laboratory confirm that all samples have achieved target strength.
Theta Gold notes that construction of the gold room platform has also begun, with backfilling and base construction scheduled next week. The company’s efficiencies leveraged on existing infrastructure and in-house resources, delivering cost-savings without compromising quality.
Executive Chairman Bill Guy says Theta is thrilled with the rapid progress at TGME, with bulk earthworks and civil works advancing on schedule and within budget, which he says is a testament to the dedication and expertise of the team and contractors.
Guy says every stage is subject to rigorous engineering sign-off and inspections by the engineering team, ensuring ‘world-class standards and operational integrity’.
All personnel have mobilised to site and Theta Gold plans for more than 500 jobs at full production.
“These milestones bring us closer to commissioning the TGME Gold Plant by the end of 2026,” he says.
Focus on funding
As reported by Mining.com.au, Theta is focusing on locking in funding, advancing underground mine development, and completing plant construction in 2026
Speaking to Mining.com.au, the Executive Chairman says the company’s focus for next year is crystal clear: “Its all about de-risking the project and ensuring we hit the ground running for first gold production.”
Gold prices climbed to around US$4,160 ($6,376) per ounce yesterday (26 November) to a near two-week high as expectations for looser US policy lowered the dollar and cut the opportunity cost of holding bullion.
Over the past month, gold rose 4.64% and is up 58% compared to the same time last year, according to Trading Economics.
Theta Gold Mines is focused on becoming a sustainable gold miner with more than 6.1 million ounces of gold resources.
Write to Aaliyah Rogan at Mining.com.au
Images: Theta Gold Mines
