Shanjin International Gold, previously known as Yintai Gold, has secured clearance from the Namibian Competition Commission (NCC) to proceed with its acquisition of Osino Resources.
This clearance marks the final hurdle before the deal’s completion, which is scheduled by 29 August 2024.
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Announcing the development, Osino said: “The payment of the consideration to Osino securityholders following the closing of the Arrangement will be processed in accordance with the customary procedures of Computershare Investor Services, the depositary in connection with the arrangement.”
In February, Shanjin and Osino signed a deal worth around C$368m, stipulating the acquisition of all outstanding common Osino shares at C$1.90 each.
Upon finalisation of the deal, Osino’s asset portfolio will be solely comprised of gold-related assets in Namibia, with a focus on the Twin Hills Gold Project, along with the Ondundu and Eureka exploration projects.
Before reaching this deal, Osino terminated its previous agreement with Dundee Precious Metals signed in December 2023, after the latter declined to modify the terms in the wake of Shanjin’s offer.
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By GlobalDataShanjin also committed $10m to Osino to expedite the development of the Twin Hills gold project, meet working capital requirements and reimburse the termination fee paid to Dundee Precious Metals.
Since the Twin Hills project’s discovery in August 2019, Osino has conducted more than 250,000m of drilling and completed numerous technical studies, culminating in the Twin Hills Definitive Feasibility Study (DFS) in June 2023.
This DFS outlines an economically viable open-pit gold mining operation, projecting a 13-year mine life with an average annual gold production capacity exceeding 162,000oz.
Osino holds a land position of over 8,000km² within the mineral-rich Damara sedimentary belt in Namibia, which is close to the operational Navachab and Otjikoto Gold Mines. The company is actively exploring various gold prospects along this belt.
