- Theta Gold Mines (ASX:TGM) executes an MOU with Yellow River Co, a subsidiary of the Power Construction Corporation of China
- The MOU involves the construction of the initial phase of the TGME Gold Plant, along with the development of the tailings storage facility and wastewater dams
- The expected contract size is set at A$46 million, structured on a cost-only basis
- Theta Gold is currently involved in discussions with various funding sources to secure the required funds for upfront payment commitments
- TGM last traded at 11 cents
Theta Gold Mines (ASX:TGM) has executed a memorandum of understanding (MOU) with Yellow River Co, a subsidiary of the Power Construction Corporation of China.
This memorandum relates to the construction of the initial phase of the 45ktpm capacity TGME Gold Plant, along with the development of the tailings storage facility and wastewater dams.
“Since initial engagement back in November 2023, our team already completed 4 site trips with YRC’s senior management and ground staff having established a very solid working relationship,” TGM COO Jacques Du Triou said.
“Together we’re working very quickly towards the EPC contract including for design optimisations as well as preparing for subcontractor tenders.”
Both parties are actively working towards formalising the engineering, procurement, and construction (EPC) Contract aimed to be completed by Q2 2024.
The expected contract size is set at US$30 million (A$46 million), structured on a cost-only basis.
Theta Gold and Yellow River Co. have agreed upon a long-term payment schedule for the EPC contract.
Theta Gold is currently involved in discussions with various funding sources to secure the required funds for upfront payment commitments.
TGM last traded at 14 cents.