Osino Resources says it has received eight project finance offers from credible institutions to finance the construction of its wholly owned Twin Hills Gold Project in Namibia.
This comes as the miner in November announced it would require N$6.6 billion (US$375-million) in capital expenditure according to a prefeasibility study (PFS), for the project, expected to produce about 200 000 oz/y at an all-in sustaining cost of US$980/oz.
“We are very pleased with the competitiveness of the process and the resulting quality of project financing offers received from 8 reputable institutions with impressive track records of successful project financing. Choosing the appropriate financing partners is an important next step for Osino. We look forward to the appointment of our preferred debt financing provider and finalizing terms in the coming months as we continue to advance the development of Twin Hills,” Osino’s co-founder, President & CEO, Heye Daun, said.
Osino aims to select its preferred financing partners in the next few months and progress the project financing package in parallel with the delivery of results from a definitive feasibility study, which is set to be delivered before the end of June 2023.
“The DFS will further de-risk the project and showcase its potential as one of the top-tier, near-term, undeveloped gold projects in Africa. In parallel to the technical work underway, we are advancing financing discussions with potential financiers as we get closer to making a formal construction decision,” he said.
The Twin Hills project was discovered by Osino in 2019 and has been issued with a conditional 20-year mining license by the Ministry of Mines and Energy.
