ASX:TGM - Annual Report 2022

Annual Report 2022

Released 3 Oct 2022 - 8:08 AM

Announcement PDF T H E TA G O L D M I N E S L I M I T E D GOLD MINES ANNUAL REPORT 2022 ANNUAL REPORT 2022 1 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited Contents Chairman’s Letter .................................................................................................................... 3 Review of Operations .............................................................................................................. 4 FY22 Highlights ........................................................................................................................ 5 Theta’s TGME Underground Gold Mine Definitive Feasibility Study (FS) ................................ 7 Environment, Social and Governance (ESG) .......................................................................... 17 Ore Reserve and Mineral Resource Statement ..................................................................... 25 Disclaimer’s ........................................................................................................................... 27 Corporate Governance Statement ........................................................................................ 31 Directors’ Report ................................................................................................................... 36 Remuneration Report............................................................................................................ 45 Directors’ Declaration ........................................................................................................... 52 Auditor Independence Declaration ....................................................................................... 53 Financial Statements ............................................................................................................. 54 Independent Auditor’s Report .............................................................................................. 91 Shareholder Information ....................................................................................................... 96 Directory ................................................................................................................................ 98 ANNUAL REPORT 2022 2022 Annual Report 2 2 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited CHAIRMANS LETTER Theta’s team has worked very hard to reduce its environmental footprint; The project is an extension of existing underground mines. There will be only minor new ground disturbances as infrastructure will be placed on the existing footprint, where the higher-grade ore will lead to reducing chemical consumption and processing cost per ounce of gold. The social contract with the local population will be further enhanced by mining underground, which is well understood in the area. The region has over 150 years of underground mining history. Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present the 2022 Annual Report for Theta Gold Mines Limited (ASX: TGM | OTC: TGMGF). In the last twelve months, the company has delivered its 2021 promise to change direction to underground mining. The TGME Underground Feasibility Study (FS) was completed in July 2022, along with the submission of the Environmental Impact Assessment (EIA) for Mining Right (MR)83. The company completed a FS for the first four mines Beta, CDM, Frankfort and Rietfontein (TGME Underground Project). The Base Case life of mine (LOM) plan will comprise a 12.9-year mining operation starting in 2024 to deliver a production of 1.24 million ounces of contained gold. Peak production is over 100,000 ounces per year. By adding the fourth mine Rietfontein to the mining schedule, there has been a significant scale-up from the April 2021 pre-feasibility study with a production rate of just above 60,000 ounces per year. There was a steady transition of the company from exploration to development as the company looks towards the next major repositioning to a gold producer. During the year, 83% of all funds raised went to South Africa to develop the TGME Underground Project. During this process, the share register has also changed, with the number of shareholders recently surpassing 1,200. Moving forward into the 2023 financial year, the company will work on completing the project financing requirement, permitting, further exploration work, and underground development. Once project financing is complete, we will begin the mine build phase. Currently, the company has 30 staff on site led by our Chief Operations Officer, a proven African gold mine builder Mr. Jacques Du Triou. The estimated development capital or peak funding requirement is US$77 million (with a total Capex of US$100 million), with the project forecast to generate a pre-tax NPV10% of US$324 million (A$432 million) and pretax Internal Rate of Return (IRR) of 65% at the forecast average gold price of US$1,642/oz over the LOM. We appreciate the continued support from our shareholders, and we welcome new shareholders to the share register. The company looks forward to continuing to progress project development and deliver good news for shareholders in 2023. Underground mining will deliver higher-grade ore to the gold plant with a much smaller environmental footprint that’s well supported by the local community and key stakeholders, with access to a larger resource base of 4.5 million ounces of underground mineral resources. Thank you for your continued support. The company has 6.1 million ounces of total gold resources under management. The new multi-mines strategy delineated by the Board set a goal to deliver 160,000 ounces of gold per year over 5 years, offering a clear growth profile in production and shareholder value. B ill G u y Charles (Bill) Guy Chairman Environment, Social and Governance (ESG) is enhanced by the TGME Underground Project. Over 20 environmental studies were completed for Mining Right (MR)83. The final Environmental Impact Assessment Report and Environmental Management Programme (EIA/EMPr) have been submitted to the Department of Mineral Resources and Energy (DMRE) together with the final technical documents for the integrated water use licence application to the Department of Water and Sanitation (DWS) for final decision. The findings from the EIA/EMPr and specialist studies have not elicited any fatal flaw. The outcome of the decisions from the DMRE and DWS on the applications are expected in Q1, 2023. ANNUAL REPORT 2022 2022 Annual Report 3 3 T H E TA G O L D M I N E S L I M I T E D REVIEW OF OPERATIONS OVERVIEW Theta Gold Mines Limited (“the Company” or “Theta Gold” or “TGM”) is a gold exploration and development company that holds a range of prospective gold assets through its 74%-owned subsidiary Transvaal Gold Mining Estate Ltd (TGME) in a world-renowned South African gold mining region. The Company’s shares are dual listed on the Australian Securities Exchange (ASX: TGM) and the OTC Markets in the United States (OTC: TGMGF) with Depository Trust & Clearing (DTC) Eligibility. The Company’s TGME Underground Gold Mine Project (“The Project” or “TGME Project”) phase one consists of four existing mines, Beta, Frankfort, CDM and the Rietfontein mine. The Project is located next to the historical gold mining town of Pilgrim’s Rest, in the Mpumalanga Province, some 370km northeast of Johannesburg or 95km north of Nelspruit (the Provincial Capital City) and includes more than 43 historical mines identified across the vast prospective gold field of 620 square kilometres (62,000 hectares). The Company delivered its very first definitive Feasibility Study (FS) in July 2022 which presents a clear pathway to production via the re-development of TGME’s gold assets and is currently focused on the holistic strategy to deliver long term organic growth, with initial development focusing on the permitting of six mines to target a production profile of 160,000 ounces Au per annum. The TGME Project (Phase 1) incorporates the first four mines. In April 2021 Theta declared a maiden underground mining reserve of 419,000 oz @ 5.49 g/t Gold, along with the first Maiden Underground Pre-Feasibility Study. The Mining Reserve were based on only 16% of the 4.5 Moz underground gold resource and incorporated only three mines across the project area. Figure 1: Location of Theta Project 2022 Annual Report ANNUAL REPORT 2022 4 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited FY22 HIGHLIGHTS Feasibility Study (TGME Underground Gold Mine Project) • TGME Feasibility Study1 delivers 1.24Moz contained gold production, underpinning an initial 12.9-year mine life. • Strong financial return based on LOM plan (at average gold price of A$2,189/oz) with first production targeted for Q2, 20242 including: o Undiscounted free cash flows of US$508m, (A$678m), pre-tax US$717, (A$956m); o NPV (at a 10% discount rate) of US$219m, (A$292m), pre-tax US$324m, (A$432m); o Capital payback period of 31 months; o Pre-tax IRR of 65%; and o Peak production over 100,000 oz Gold. • All-in-sustaining Cost (AISC) of US$834/oz (A$1,112/oz) over LOM sits on the bottom quartile of South Africa and Australian gold producers; • Peak Capital requirement is US$77m, (A$103m), total capital requirements US$174m, (A$232m), and • Front-End Engineering Design (FEED) of the TGME gold plant completed, forming an important input towards the finalisation of the definitive Feasibility Study (FS) of the TGME underground project3. Trial Mining Successfully Completed • The trial mining work started in September 2021 focused on rock engineering and mine support systems, drilling, and blasting technics as well as cleaning of broken ore in support of the definitive FS completed in July 2022. • The trial mining at Frankfort Mine was a success and proved that the planned mechanical long-hole drilling applied to a narrow vein orebody will achieve the desired outcome and open endless possibilities within these goldfields. As part of the ongoing trial mining within the project scope, investigations were undertaken in accessing suitable equipment to allow for bulk gravity gold sampling for exploration work in targeted areas across the tenements. A centrifugal concentrator was procured, which will be utilized to test different ore types and attain an understanding of potential gravity gold recovery. Figure 2: Low-Profile Loader entering Frankfort mine 1 Ref to ASX release dated 27 July 2022 titled “Theta’s TGME Project Definitive FS Confirms NPV10% of A$432 million at US$1,642/Oz Gold price” 2 First gold produced timing will be subject to securing funding and obtaining all necessary regulatory permitting approvals. 3 Refer to ASX release dated 20 June 2022 titled “TGME Gold Project Update” ANNUAL REPORT 2022 2022 Annual Report 5 5 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited Permitting • The Company announced in July 2022 4 that the final Environmental Impact Assessment (EIA) Report and Environmental Management Programme (EIA/EMPr) have been submitted to the Department of Mineral Resources and Energy (DMRE) and the final technical documents for the integrated Water Use License (WUL) application to the Department of Water and Sanitation (DWS) for final decision. • The outcome of the decisions from the DMRE and DWS on the applications are expected in Q4 of 2022 with an additional 90-days review and objection period. A positive decision from the competent authorities will enable the Company to commence with its MR83 underground mines build. • Over 20 studies have been completed as part of the EIA process. The findings from the EIA/EMPr and specialist studies have not identified any fatal flaw, unaddressed objection, or significantly high impact ratings. The requisite mitigation measures are all imminently feasible and this provides all interested and affected parties the confidence that the impacts of our proposed activities will not threaten the environment. • An application for an Atmospheric Emissions License (AEL) was granted for the operation of the processing plant by the Department of Forestry, Fisheries and the Environment (DFFE) in September 2022 along with a State Forest Licence issued for the Frankfort Mine5. Table 1 Environmental Approvals Granted for Mining Rights (MR) 83- Progress Table 1. Status of environmental permits as at the completion of this annual report. Corporate • • Raised up to AU$11.9 million during 2022 in development funding made up as follows: o AU$5.9 million of capital raised (before costs) through the issue of shares via private placement and Share Purchase Plan, and o AU$6 million secured bonds issued to 2Invest AG6 a large European fund who is a cornerstone institutional investor on the register and holder 6.28% of the shares in Theta Gold. Completion of the Focus Minerals Limited (FML) off-market takeover offer on 2 March 2022, resulting in the Company receiving a total of 4,977,984 FML acceptances and gained approximately 417 new shareholders on the TGM registry. As a result, TGM has issued 12,445,0027 new TGM shares as consideration under the 5-for-2 scrip for scrip takeover offer representing approximately 2.83% of fully-paid FML shares on issue at the time. 4 Refer to ASX release dated 18 July 2022 titled “Permitting Update TGME Underground Gold Project” 5 Refer to ASX release dated 6 September 2022 titled “Two Approvals Granted for the TGME Underground Gold Project” 6 Refer to ASX release dated 30 July 2021 titled “Over AU$10M New Funding Package Secured, Led by a German Investor to accelerate the TGME Gold Project Development” 7 Refer to ASX Releases dated 4 and 11 March 2022 titled “Applications for Quotations of Securities” ANNUAL REPORT 2022 2022 Annual Report 6 6 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited THETA’S TGME GOLD PROJECT DEFINITIVE FEASIBILITY STUDY (FS) The FS8 for the TGME Project was delivered on 27 July 2022, confirming Theta Gold’s potential to be a significant near-term, high-margin, low-cost gold production project with tremendous opportunities for future growth. Based on the FS results, the Project will provide robust financial returns from a long-life large underground mining operation for a modest capital investment given the scale of operations envisaged. The Project LOM will initially comprise a 12.9-year mining operation starting in Q1, 20239 and delivering LOM production of 1.24 Moz of contained gold. The estimated peak development Capital Expenditure (“Capex”) is A$103 million, with the Project forecast to generate a pre-tax NPV10% of A$432 million and pre-tax internal Rate of Return (IRR) of 65% at a forecast average gold price of A$2,189 per ounce. Based on these metrics, the Project has a projected capital payback period of 31 months. The FS paves the way for a Final Investment Decision (‘FID’) by the Theta Gold Board in respect to funding negotiations and on-going discussions with financiers with respect to full/partial debt and equity funding options. Theta Gold has appointed a debt funding advisor to manage this important process and will provide updates in due course. 8 Refer to ASX Release dated 27 July 2022 titled “Theta’s TGME Project Definitive FS Confirms NPV(10%) of A$432 Million at US$1,642 / Oz Gold Price” 9 Start time will be dependent on securing necessary funding and permitting approvals. ANNUAL REPORT 2022 2022 Annual Report 7 7 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited KEY FEATURES OF PROJECT Note1. First gold pour is subject to securing funding and regulatory permits. ANNUAL REPORT 2022 2022 Annual Report 8 8 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited Solid Growth Potential Develop multiple mines, reaching >160koz/a within five years, from the resource base of +6Moz Modern mining and treatment methodologies enable low-cost operations (AISC <US$900/oz) and reserve expansion Various expansion opportunities to increase production and the resource base for >3 decades First four-mine operation, central plant and tailings facility – up to 100koz/a Capacity to expand to >160koz/a 6 mine operation @ 80kt/m 6 UG MINES TARGETED FIRST OUT OF POTENTIAL >40 Figure 3: Location of first 6 gold mine sites ANNUAL REPORT 2022 2022 Annual Report 9 9 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited Table 2: Key Project Metrics Description Units Base Case Reserve Plan Project Start Date Qtr/Year-yyyy Q1 2023 Q1 2023 Commercial Production Start Date Qtr/Year-yyyy Q2 2024 Q2 2024 Production build up period Months 14 14 Life of mine years 12.9 7.3 Underground ore mined (LOM) Mt 6.46 2.85 Mined Grade g/t 5.95 6.09 Gold Mined (LOM) Moz 1.24 0.56 Production Rate Kt/a 540 540 Production Rate Kt/m 45 45 Grind size µ 106 106 Gold recovered (average LOM) % 87 87 Gold recovered (LOM) Moz 1.08 0.49 Project economics below shows the sensitivities to the various gold price estimates and demonstrates the robust financial returns of the Project. The FS completed in July 2022 used an average gold price of USD 1,642 / Oz as a base case. Table 3: Project Economics at Various Gold Prices – Base Case (AUD) Project Economics at gold price NPV @ 10% (real) Pre-tax NPV @ 10% (real) Post-tax IRR (%) Pre-tax IRR (%) Post-tax AISC EBITDA annual average EBIT annual average Free Cash Flow (Pre-tax) Free Cash Flow (Post-tax) Development Capital – Peak Funding Capital Sustaining Payback post-tax Capital Efficiency (Pre-Tax NPV/Dev Capital Capital Efficiency (Post-Tax NPV/Dev Capital NOTES: 1. 2. Forecast (USD1,642/ oz USD1,500/oz USD1,600/oz USD1,800/oz USD2,000/oz USD2,200/oz Avg) AUDm 432 339 405 536 669 802 AUDm 292 232 274 359 447 533 % 65% 57% 64% 77% 90% 102% % 57% 50% 56% 67% 78% 87% AUD/oz 1,112 1,096 1,107 1,129 1,149 1,167 AUDm 92 77 87 107 128 148 AUDm 80 66 76 96 116 136 AUDm 956 768 897 1,158 1,421 1,686 AUDm 678 550 638 814 996 1,175 Unit AUDm 102 102 102 102 102 102 AUDm Months 49 31 49 33 49 31 49 28 49 25 49 24 % 422% 332% 395% 524% 653% 783% % 285% 226% 268% 351% 437% 521% Converted to AUD from USD using AUD:USD exchange rate of 1.333. Due to rounding, numbers presented throughout this document may not add up precisely to the totals, provided and percentages may not precisely reflect the absolute figures. ANNUAL REPORT 2022 2022 Annual Report 10 10 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited Figure 4: Annual Gold Production – Base Case Figure 5: Annual and Cumulative Cash Flow (Post-Tax) – Base Case (AUD) NOTES:1. Forecast Prices averaging USD1,642/oz over LOM. 2. Converted to AUD from USD at exchange rate of 1.333 AUD:USD. The TGME Project targets to restart historical underground gold mines located in a historically prolific gold mining region in the Mpumalanga Province of South Africa. The Project Areas are centred in the town of Pilgrims Rest, some 370 km due northeast of Johannesburg, and vast majority of the tenements were under TGME’s ownership since the late 1800s. The Project targets the Beta (including the Beta North, Beta Central and Beta South sections), Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon (“CDM”) mines. A significant amount of gold resources remain underground which were not mined historically due to technological limitations or limiting ore characteristics. Beta is scheduled as the first operation to commence production, followed by Rietfontein, and finally CDM and Frankfort simultaneously. In comparison to CDM and Frankfort, Beta and Rietfontein are higher-grade mines. ANNUAL REPORT 2022 2022 Annual Report 11 11 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited A gold plant, which acts as the central processing plant for all the historical operations, is situated in close proximity with a maximum distance to operations of approximately 40km. A new facility will be established on this footprint to treat all the ore from the surrounding operations. Two scheduling strategies have been investigated in the FS. The Base Case considers a LOM plan targeting the total Mineral Resources (Measured, Indicated and Inferred). The Ore Reserve Case considers a LOM plan targeting only Measured and Indicated Mineral Resources. This FS demonstrates the ability to achieve optimised cash flows by scheduling production from the operations. The mine designs and associated costs per operational element feed into a combined operations financial model. The Ore Reserve Case supports the declaration of compliant JORC Code 2012 Ore Reserves. TGME Underground Gold Mine Development As part of the preparation for the installation of the first phase new gold plant, TGME had appointed the services of Jet Demolition to remove the redundant plant equipment. The process started in the second week of January 2022. Specialised equipment were utilised for demolition, after which it was reduced in size and made ready for transport to scrap merchants. The project to remove the old plant is now complete10. Processing consultants Met63 was contracted to do a detailed design and costing of a processing plant designed for a feed capacity of 45,000 tons per month which is equivalent to 67 tons per hour at 92% availability. A flow schematic is shown in Figure 5. Figure 6: Process Flow Schematic Phase 1 The FS has been split into three phases, allowing for various processing scenarios aligned with the mining development program. The design of each phase is based on a stand-alone processing facility aligned with the mining plan of the ore body. • Phase 1 – Carbon-in-Leach (CIL) Plant (Free-milling ore is process for the first 7 Years, see figure 6). The design and costing of a 45,000 tons per month oxide ore processing plant including crushing, milling, CIL and elution with gold Doré produced on site. Testwork undertaken on various “free-milling” ores has indicated high undissolved gold losses, indicating the presence of small amounts of sulphidic constituents. This was particularly evident when completing standard cyanidation bottle roll trials on the CDM mine samples. Subsequent additional testwork supports this. As a result, the Phase 1 circuit will include a flash flotation stage post-milling to remove sulphide associated materials before conventional cyanidation. This flotation mass pull will join the concentrator (production scheduled in Phase 2). 10 Ref to ASX release dated 4 March 2022 titled “DFS Update and High-Grade Ore Sweeped from New Historical Mines”. ANNUAL REPORT 2022 2022 Annual Report 12 12 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited • Phase 2 – Gold Concentrator Plant The design and cost of a 20,000 tons per month concentrating plant including crushing, milling, Density Media separation (DMS) and flotation. The final products consist of a combined carbon and sulphide flotation concentrate. The carbon flotation concentrate being processed through the CIL plant #3 and the sulphide flotation concentrate is processed through the CIL plant #1. • Phase 3 – Oxidative Leaching of Sulphide Concentrate The Phase 3 plant includes a 45,000 tons per month Leach-ox processing plant that was designed and costed, including crushing, milling and carbon/sulphide flotation. The phase 3 plant consists of both the gold concentrator plant as well as the CIL plant as described in Phase 1 and Phase 2. The carbon flotation concentrate processed in a dedicated CIL circuit (CIL plant #3), sulphide flotation concentrate oxidized under atmospheric conditions with liquid oxygen injection and high shear reactors. Oxidised product to be treated in a separate batch CIL process (CIL #1) with the tails treated in a larger CIL (CIL plant #2), that also processes the flotation tails as well as “free-milling” ore feed. This option allows for all recovered gold to be produced as Doré on-site with no concentrate produced. Although there are some shared infrastructure and processing equipment between the phases, for the purposes of this FS the phase-one plant will be constructed first to treat Beta, Rietfontein and CDM ore with phase-three being constructed at a later stage before mining of Frankfort ore commences. The plant will be developed by an Engineering, Procurement and Construction (EPC) contractor. The Company will run a tender process to evaluate contracts for the construction and upgrade of existing infrastructure including detailed engineering for the plant, procurement, fabrication and delivery to site of plant, equipment and materials and construction of the process plant facilities. Project Finance Theta Gold has engaged with a debt funding advisor to assist in negotiations for the required Capex requirements of the A$103 million peak capital. The Company is expected to complete negotiations with debt financing within 2022 calender year. Project Permits and Approvals The Company announced in July 2022 11 that the final Environmental Impact Assessment Report and Environmental Management Programme (EIA/EMPr) have been submitted to the Department of Mineral Resources and Energy (DMRE) and the final technical documents for the integrated water use license (WUL) application to the Department of Water and Sanitation (DWS) for final decision. The outcome of the decisions from the DMRE and DWS on the applications are expected in Q4 of 2022 with an additional 90-day review and objection period for the public. A positive decision from the competent authorities will enable the Company to commence with its MR83 underground project. Over 20 studies have been completed as part of the EIA process. The findings from the EIA/EMPr and specialist studies have not identified any fatal flaw, unaddressed objection, or significantly high impact ratings. The requisite mitigation measures are all imminently feasible and this should give all interested and affected parties the confidence that the impacts of our proposed activities will not threaten the environment. A comprehensive stakeholder engagement process was undertaken before the submission of the applications. A very successful open day was held in Pilgrims Rest on 28 May 2022. Feedbacks from the open day was very positive and the community is very excited about the job opportunities and economic upliftment that will be created by the project. With the good turnout at the open day and various other stakeholder meetings it can be concluded that the procedural requirement to consult during the EIA phase is satisfied. 11 Ref to ASX release dated 18 July 2022 titled “Permitting Update TGME Underground Gold Mine” ANNUAL REPORT 2022 2022 Annual Report 13 13 T H E TA G O L D M I N E S L I M I T E D Theta Gold Mines Limited It has been advised that the Department of Forestry, Fisheries and the Environment (“DFFE”) is currently conducting interdepartmental consultations on the Company’s request for Ministerial conditions for continued mining in certain sections of Morgenzon Forest Nature Reserve (“FNR”) that was declared in October 2021. The Company is confident that it can successfully implement its mining operations to better protect the strategic water source and biodiversity area. It is of great concern to the local community and downstream farmers that environmental degradation is accelerating in this catchment area. A positive response on the request to the Minister will therefore be welcomed by stakeholders in the light of current challenges in the catchment, the manageable environmental impacts from the proposed MR83 underground project, and the significant value offering of the proposed Ecological Compensation Programme to support DFFE’s wider Environmental, Social and Governance (“ESG”) objectives in the region. Gold Plant Front-End Engineering Design (Feed) Complete Front-End Engineering Design (FEED) of the TGME gold plant has been completed, forming an important input towards the finalisation of the definitive Feasibility Study (FS) of the TGME Project. Theta Gold provides an update on the MR83 gold processing plant advising that it had appointed MET63, which specialises in the design and construction of advanced modular processing plants, to undertake and complete the plant design, based on a thorough metallurgical testwork program, and with multi-tier internal and independent oversight. Key Features of the Gold Process Plant: • • • • • • • • • • The new gold processing plant is designed to have a milling capacity of 540,000 tons per annum. The plant design consists of two individual processing streams, capable of processing free-milling and sulphide ore separately. The new gold processing plant is designed to fit into the current plant footprint which forms part of MR83, therefore no additional environmental permitting will be required. The new processing plant components include three-stage crushing, milling, reagent, flotation, CIL, elution, and gold room sections as indicated in Figure 7 & 8. The gold plant will produce dore gold bars. Engineering and costing have been completed to the required level of accuracy for the FS. The completed design includes water and power reticulation with the scope to increase the capacity with modular units for future plant expansions, consistent with the Company’s strategy to reach its gold production target of 160,000 ounces per annum within five years. The latest proven available automation technologies were incorporated into the gold processing plant design which will reduce labour requirements and enhance productivity levels. The tailings disposal will be moved onto the existing tailings storage facility located some 150 metres from the plant. Some existing plant infrastructures were incorporated into the new gold processing plant. A 3D rendering of the processing plant is illustrated in Figure

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