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Canada-based gold exploration and development company, Osino Resources acquired the Klein Okawayo farm (3,000 hectares) and the Okawayo farm (7,000 hectares) for an aggregate purchase price of nearly N$100 million. Osino focused on the fast-tracked development of the Twin Hills Gold Project in central Namibia.
Canada-based gold exploration and development company, Osino Resources acquired the Klein Okawayo farm (3,000 hectares) and the Okawayo farm (7,000 hectares) for an aggregate purchase price of nearly N$100 million. Osino focused on the fast-tracked development of the Twin Hills Gold Project in central Namibia. Osino’s President and CEO Heye Daun said the ownership of the land (the surface rights) covering the project area is a major de-risking factor in the development of that project.
These two farms encompass the full extent of the mining area for its Twin Hills gold project and all related plant infrastructure in Namibia. The Okawayo farmland was acquired directly by Osino’s Namibian subsidiary, Osino Farming Investments (Proprietary) Limited, and the Klein Okawayo farm was acquired indirectly through Osino’s Namibian subsidiary, Osino Property Holdings (Proprietary) Limited.
To complete the farm acquisitions, Osino complied with all regulatory and ministerial requirements including the granting of a Status of Investment Certificate, merger approvals by the Competition Commission of Namibia, and the mandatory waivers for the acquisition of agricultural land in Namibia. In addition, all land taxes, duties, and encumbrances on the properties were fully settled prior to closing,” the dual-listed gold exploration company said.
The acquisition of these highly strategic surface rights covering the full extent of the Twin Hills project area is a significant achievement. Being the private, registered landowners of the Twin Hills project area now not only substantially improves the security of tenure, but it also significantly improves the predictability of the expected timeline to full construction permitting. Other important benefits of being the project landowners are the ease of access to utilities (water and power) and various additional practical logistical, environmental, and social considerations that come with ownership of the land, such as ease of construction camp development, access control and the benefit of not having any competing land tenants.
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Osino plans to start construction of the Twin Hills gold mine by the end of this year and go into production towards the end of 2025 or early 2026. To bring the Twin Hills mining project to life, Osino will need to invest N$6.8 billion (US$365 million), according to the recently released definitive feasibility study results.
