Theta Gold Secures $35M Loan for South African Gold Complex

Australian mining firm Theta Gold Mines has secured a $35 million loan from the Industrial Development Corporation (IDC) of South Africa to expand its capital portfolio to develop the Transvaal Gold Mining Estate (TGME) in Mpumalanga Province. The loan forms part of the total project financing, estimated at $77 million.

With the capital, Theta Gold Mines will advance the development and construction of several gold production mines under the TGME project. Theta Gold Mines aims to produce 160,000 ounces of gold per annum over a five-year period from its first four gold mines, namely Beta, CDM, Frankfort and Rietfontein. Pre-construction activities, including decommissioning of the old gold plant and completion of a final design for the new processing facility, commenced in April 2025.

“The IDC, a South African state-owned institution, has completed a due diligence and approved funding of the project. Its debt funding Loan Facility Agreement in the TGME Underground Gold Project signals strong confidence in the project’s economics and alignment with IDC’s sustainable growth mandate. This is a major funding milestone, with next step finalizing legal agreements,” stated Bill Guy, Chairman of Theta Gold Mines.