Theta Gold Mines (ASX:TGM) has transitioned from development to construction, amid beginning earthworks and civil engineering activities at the group’s TGME Gold Mine Project in South Africa.
Key contracts have also been locked in with construction partners PICM and Mainpro to deliver the earthworks and civil phase of the project – with civil engineering works to begin in Q4 2025.
The scope of works underway include five bulk earthworks platforms, 721m of roads, 1,355m of clean and dirty water channels, 10,000m3 of concrete dams, 135m3 of carbon-in-lead bund walls, and 5,540m3 of plant civil works.
RM Process and Eco Elementum – designers of the project’s processing plant – have also been appointed as the engineers to oversee this phase of work. Theta says the companies involvement will ensure that the highest standard of quality, safety, and innovation are maintained.
Theta, which has a market capitalisation of $224.62 million, says these appointments mark a milestone in transforming TGME into South Africa’s next producing gold mine.
Executive Chairman Bill Guy says the start of these activities show the company’s urgency and commitment to becoming South Africa’s next gold producer.
“Once civil works and funding are complete, we will be commissioning the plant by the end of 2026 and processing ore in Q1 2027,” Guy says.
Over the next five years, Theta Gold Mines is aiming to build a production platform to 160,000 ounces per year based primarily around shallow, open-pit or adit-entry shallow underground hard rock mining sources.
The company has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7 million ounces of historical production recorded.
Write to Aaliyah Rogan at Mining.com.au
Images: Theta Gold Mines
