West Wits Mining has completed a $68 million financing package for its Qala Shallows gold project in South Africa, marking a major milestone for one of the country’s most closely watched new mining developments.

The Australian-listed miner finalized loan agreements totaling approximately R1.1 billion with financial backing from Absa and Nedbank Corporate and Investment Banking. The package includes a R875 million ($53.2 million) senior loan facility, a R150 million ($9.1 million) working capital facility and a R90 million ($5.4 million) cost-overrun debt facility.

The financing removes a key execution hurdle and strengthens the company’s ability to accelerate production growth at the Qala Shallows project, located on the West Rand near Johannesburg.

Production ramp-up gains momentum

According to West Wits Chief Executive Officer Rudi Deysel, the funding package provides both operational flexibility and financial resilience as the company advances toward commercial-scale production.

“With our funding structure complete and gold production already underway, the focus is entirely on disciplined operational delivery,” Deysel said.

The company is now concentrating on expanding underground development, increasing ore delivery rates to the Ezulwini processing plant and progressing toward its target of producing 70,000 ounces of gold annually from the second quarter of 2028.

South Africa’s first new underground gold mine in Years

The Qala Shallows project forms part of West Wits Mining’s flagship Witwatersrand Basin Project in Gauteng Province, an area regarded as one of the world’s most productive gold regions.

Located about 15 kilometers west of Johannesburg’s central business district, the project sits within the historic Witwatersrand Basin, a district credited with producing more than 1.5 billion ounces of gold over its mining history.

The broader Witwatersrand Basin Project hosts a global mineral resource estimated at 7.24 million ounces of gold, positioning it among the most significant undeveloped gold assets in the region.

Historic milestone for African mining

Qala Shallows achieved first gold production in March 2026 after underground ore mining commenced in late 2025. The operation was officially opened in December 2025 by South Africa’s Minister of Mineral and Petroleum Resources, Gwede Mantashe.

As global investors continue to seek exposure to high-quality gold assets, the completion of West Wits’ financing package underscores growing confidence in South Africa’s mining sector and the long-term potential of the country’s newest underground gold operation.