Osino forecasts N$4.6bn capex for Namibia Twin Hills project

Canadian gold mining firm, Osino Resources, is expecting to inject N$4.6 billion (US$300-million) to kick start its Namibia Twin Hills mining project next year.

“I think next year, 2023 this project is going to get built. We’ve got very strong financial backing, excellent Canadian, North American, and European shareholders,” Osino Resources CEO Heye Daun told the recently held Junior Indaba.

Daun said Osino Resources has spent N$774 million (US$50 million) on exploration in the last three to four years and is transitioning from being an exploration company to being a mine developer and then a mine operator.

Twin Hills, which was discovered by Vancouver-based Osino in 2019, is currently in the feasibility-study stage that is estimated to be concluded during 2022, with construction now expected to commence in late 2022, with first gold expected after a construction period of 15 to 18 months.

Osino expects the venture to be a 100 000 oz to 200 000 oz a year producer with a 10- to 15-year life-of-mine.

The Canada-based gold exploration and development company earlier this year entered into an agreement to acquire the Ondundu gold exploration property in Namibia from B2Gold Corp.

B2Gold has invested N$157.5 million (US$10 million) in exploration expenditure between 2015 and 2021, according to the deal announcement. The Brief/MiningWeekly

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Last modified on Monday, 06 June 2022 19:06

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