https://www.engineeringnews.co.za
Africa|Construction|Engineering|Gold|Mining|Power|PROJECT|Projects|Storage|Underground|Operations
Africa|Construction|Engineering|Gold|Mining|Power|PROJECT|Projects|Storage|Underground|Operations
africa|construction|engineering|gold|mining|power|project|projects|storage|underground|operations

Chinese firm selected as preferred EPC partner for $30m Theta contract

14th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Gold development company Theta Gold Mines has selected Yellow River Co (YRC), a subsidiary of Power Construction Corporation of China, for the construction of its TGME gold plant, tailings storage facility and wastewater dams, in South Africa.

The parties are working on a formal engineering, procurement and construction (EPC) contract for completion by the second quarter of 2024, with an expected contract size of $30-million.

The contract will cover the 45 000 t a month capacity gold plant, the TSF and the wastewater management dams as per the definitive feasibility study completed in 2022.

Theta will pay for the EPC contract over a long-term payment schedule. YRC will be paid a fixed margin over the EPC contract value, plus a completion incentive upon completion of the project.

Theta says it is in discussion with several funders to obtain the funding necessary to meet the upfront payment commitments for TGM to advance the EPC memorandum of understanding to a contract.

Commenting on the selection of PowerChina, Theta chairperson Bill Guy says YRC is well positioned throughout the African continent with power, power storage, civil construction and mining build contracts completed and on-going.

“YRC recently set up operations in Johannesburg to build a South African base for both power and mining projects,” he says.

Since the initial engagement in November, the Theta and YRC senior management teams have completed four site trips and have established a solid working relationship, adds COO Jacques Du Triou.

“We are very excited towards getting our project off the ground with YRC in the coming months.”

Theta is aiming to restart historical underground gold mines in Mpumalanga, a prolific gold-mining region of South Africa.

Edited by Creamer Media Reporter

Comments

 

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.124 0.177s - 232pq - 2rq
Subscribe Now