Mining

Mining (125)

Namibia's economy grew by N$5.4 billion during the second quarter of 2022 to N$48.6 billion spurred by real value-added growth in mining, latest statistics show.

Trevali Mining Corp. has announced the resignation of Director Richard Williams, the latest executive to leave the mining company this month.

Osino Resources has completed the acquisition of two remaining minority interests in the mineral properties comprising the Twin Hills gold project, in Namibia for a total consideration of N$14.6 million.

Osino completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (ONME) for N$11.5 million (C$870 000), settled through the issuance of one-million common shares of the company to Ominda Mineral Resources, which is arm’s length to Osino.

ONME was a 90%-owned subsidiary of Osino and holds eight exclusive prospecting licences (EPLs), covering 86 409 ha, including an EPL which hosts the gold mineralisation at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource.

As a result, Osino now owns 100% of ONME.

Further, Osino also acquired 20% of the shares in Richwing Exploration for N$1.8 million (C$137 931), settled through the issuance of 37 615 Osino shares and N$1.3 billion (C$96 552) in cash to Richroad Investments and South Wing Investments, which are arm’s length to Osino.

Richwing was 80% owned by Osino and holds an EPL which hosts gold mineralisation and industrial minerals south of the Twin Hills project area.

Osino now owns 100% of Richwing.

Osino also expects to close an additional minority interest acquisition of 3% of the shares in the capital of Osino Gold Exploration and Mining (GEM) as previously announced in August.

Upon completion of this acquisition, Osino will own 100% of Osino GEM.

It expects to complete the acquisition of Osino GEM within a few weeks, as the acquisition is subject to approval by the TSX Venture Exchange.

 

 

Reconnaissance Energy Africa has struck a definitive deal with the National Petroleum Company of Namibia (Namcor) to increase its ownership in the Kavango Basin licence. 

Mineral exploration company Iron Bull Mining is positioning itself to capitalise on an expected copper supply squeeze through its copper development in northern Namibia and also aims to lead the development of Africa’s next big copper basin.

 Namibia is moving to cap mineral royalties at 10% to allow the country to benefit from its natural resources. 

Trevali Mining has been granted a sales and investment solicitation process (SISP) order by the British Columbia Supreme Court to dispose its 90% stake in Rosh Pinah mine.

AfriTin Mining plans to raise N$854 million to fully fund its lithium and tantalum production at the Uis mine in Namibia.

Madison Metals entered into an agreement to acquire a 23% interest in mining licence (ML) 121 in Namibia through the acquisition of a 24% ownership interest in Namibia Nuclear Corporation by way of a share purchase agreement.

Financially troubled Trevali Mining will be delisted from the Toronto Stock Exchange (TSX) on October 3.

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