Osino awaits Namibian competition approval to proceed with takeover by Chinese miner
Communications between Canadian miner Osino and the Namibian Competition Commission (NCC) continue to progress positively as the NCC considers the application of the previously announced statutory plan of arrangement pursuant to which precious metals miner Shanjin International Gold will take over Osino at C$1.90 a share.
After receiving the third of three Chinese regulatory approvals on May 28, the NCC’s competition law clearance remains the only outstanding approval to conclude the arrangement between the companies.
Osino and Shanjin, formely known as Yintai Gold, expect the NCC to consider the transaction at its next board meeting which is scheduled for August, ahead of the end of the statutory review period of the acquisition early in September.
The parties have, however, made provision for the possibility that the NCC approval would not be obtained in time and therefore allowed for the date to be extended by 30-day increments for up to 90 days.
This date was already extended from June 30 to July 30 and again to August 29, leaving one more extension available.
Osino is focused on developing the Twin Hills gold mine in central Namibia, where the company has completed more than 250 000 m of drilling and a range of specialist studies.
The latest definitive feasibility study on the project envisions an openpit gold operation producing 162 000 oz/y over a 13-year mine life.
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