Osino receives 20-year mining licence for Namibia project
TSX-V-listed Osino Resources has been issued with a 20-year mining licence for its Twin Hills gold project, in Namibia, subject to the fulfilment of some remaining conditions that are customary under the country’s regulatory regime.
“Receipt of the mining licence is a major endorsement of the progress Osino has made with the advancement of the Twin Hills gold project and confirms the support of the Namibian government for the ongoing development of the project,” said cofounder, president and CEO Heye Daun.
In conjunction with the mining licence application process, an environmental and social impact assessment (ESIA) was completed. The Namibian authorities have reviewed the ESIA and environmental management plan and have found no fatal flaws.
According to a prefeasibility study (PFS), the Twin Hills project will produce about 200 000 oz/y at an all-in sustaining cost of $980/oz. The project has a capital expenditure estimate of $375-million.
Osino has started the project financing process and has applied Terrafranca Capital Partners to progress the debt financing for the development of Twin Hills.
:After an initial lenders’ site visit to Namibia in June 2022, Osino is very encouraged by the strong interest received from a variety of potential lenders and financiers. Now that the PFS has been concluded, Terrafranca has commenced a formal process with the aim of concluding a comprehensive debt financing package for the construction of the project," comments Daun.
Osino expects to arrive at the optimal financing strategy and preferred financing partners by early 2023, with a view to achieving relevant credit approvals alongside the completion of a definitive feasibility study (DFS) in the second quarter of 2023.
Subject to concluding the relevant permits, this will put the company in a position to make a potential investment decision by mid-2023.
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