Osino Resources has received a 20-year mining licence for its wholly-owned Twin Hills gold project, in Namibia.
The mining licence is subject to the fulfilment of several customary conditions which include adherence to an agreed work programme, conclusion of environmental authorisation and the implementation of a 5% carried interest for local shareholders.
“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 chief executive Heye Daun.
Osino recently released a pre-feasibility study for Twin Hills based on 2.15 million ounces (oz) in reserves, outlining a 13- year open-pit mine life with an average annual gold production rate of 169 000 oz per annum at all-in sustaining costs of $930/oz in the 10 years of operation.
Meanwhile, Osino said it has commenced the project financing process and has appointed Terrafranca Capital Partners to progress the debt financing for the development of Twin Hills.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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