Osino Resources Corp (Osino) says its shareholders are scheduled to vote on the company’s sale to Chinese mining company, Yintai Gold, in a cash deal valued at N$5.3 billion.
The transaction is expected to close in the first half of 2024.
The announcement by the gold exploration company comes as representatives from Yintai Gold were recently in the country, were they met Prime Minister Saara Kuugongelwa-Amadhila, Finance Minister Iipumbu Shiimi as well as the Namibia Investment Promotion and Development Board CEO and Chairperson, Nangula Uaandja.
Osino CEO and Founder, Heye Daun, said the visit included discussions on issues of responsible mining, legal compliance, environmental protection, and social upliftment.
“Yintai impressed with their strong commitment to responsible mining, Namibian legal compliance, environmental protection, social upliftment and the continuation of Osino’s established, inclusive stakeholder approach,” he said.
Daun said over the coming months, the focus will be on meeting regulatory approval in both China and Namibia as they conclude the deal.
“We are very excited to have been able to attract such a credible and financially strong company as Yintai to take the development of Osino’s projects to the next level, once the transaction has closed. For the next few months, we are working on fulfilling the various regulatory approvals in China and Namibia whereafter we look forward to continuing to fast-track the project with Yintai as our new parent,” he said.
Yintai, which trades on the Shenzhen Stock Exchange, has a market cap of N$108 billion (US$5.6 billion).
Osino’s portfolio consists only of gold-related assets located in Namibia, primarily the Twin Hills Gold Project in central Namibia as well as exploration projects in Ondundu and Eureka.
Twin Hills is a multimillion-ounce gold project of Osino with 2.15 million ounces of Proven and Probable Reserves located in Namibia.