The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Theta Gold Mines (TGM) receives the first of two water licences required for its TGME Underground Gold Mine in South Africa
  • The licence was granted by the South African Department of Water and Sanitation (DWS) and is effective for 12 years
  • The granting of the licence follows thorough environmental specialist studies and detailed engineering designs that satisfy the regulatory requirements regarding water and waste management in South Africa
  • Now that Theta has received the water licence, its Frankfort Mine within the TGME project is fully permitted
  • Shares in Theta are up 2.5 per cent to 8.2 cents at 2:32 pm AEDT

Theta Gold Mines (TGM) has been granted the first of two water licences required for its TGME Underground Gold Mine in South Africa.

The water licence was granted by the South African Department of Water and Sanitation (DWS) and is effective for 12 years.

The granting of the licence follows thorough environmental specialist studies and detailed engineering designs that satisfy the extensive regulatory requirements regarding water and waste management in South Africa.

Now that Theta has received the water licence, its Frankfort Mine within the TGME project is fully permitted.

Theta Chairman Bill Guy said the full approvals now granted for the Frankfort Mine marked a “key step forward” for the development of the TGME project.

“Bulk sampling work shall commence on the Frankfort mine in the coming weeks with the aim to optimise mining and to maximise ore recovery,” Mr Guy said.

“The full approval of the Frankfort Mine displays full recognition from all related government departments of Theta’s effort to becoming a responsible miner in the region.”

Recently, Theta raised $1.7 million under a private placement to fund the TGME mine.

The company stated it planned to use the money for preliminary development, planning activities and gaining permitting approvals.

Shares in Theta were up 2.5 per cent to 8.2 cents at 2:32 pm AEDT.

TGM by the numbers
More From The Market Online
The Market Online Video

HotCopper Highlights Week 21: Trump jump for uranium; James Hardie, Imugene & more

Good Afternoon and welcome to HotCopper Highlights wrapping up Week 21 of the year, I’m Jon…
Bitcoin concept

Week 21 Wrap: RBA makes second cut; Bitcoin hits new high as US bonds in focus

Let's start with the foremost obvious inclusion: the Reserve Bank of Australia (RBA) has cut interest…
Dale Gillham's photo, and wording 'Words from Wealth Within's Chief Analyst Dale Gillham.

Australia stands tall: RBA cuts rates as US credit rating slips

With the RBA announcing a 25-basis point rate cut, the nation’s economic future just got a little brighter.