Banyan Gold Corp. (TSXV: BYN, OTCQB: BYAGF)
The New Yukon Gold Rush
China based Yintai Gold announced on Monday (26 February) that it intends to acquire 100% equity interest in Canada-based Osino Resources Corp. (“Osino”) in Canada for approximately C$368 million (approximately RMB1.959 billion) in cash, aiming to acquire Osino’s Twin Hills gold project in Namibia, as well as the Ondundu and Eureka exploration projects.
The acquisition deal is about 32 per cent higher than the C$287 million offer made by Dundee Precious Metals Inc.(TSX:DPM) in December last year, and a C$10 million break-up fee was paid to Dundee Precious Metals Inc. by Yintai Gold.
Osino is a Canadian mining company focused on mining exploration and development, including the exploration and development of the Twin Hills gold project in Namibia, as well as the acquisition of other mineral project areas.
The Twin Hills gold project has completed the purchase of a construction site and plans to commence construction work on the project in July 2024, with production commencing in 2026.The acquisition of the Twin Hills gold project is expected to result in the acquisition of the Twin Hills gold project by Dundee Precious Metals Inc. and the acquisition of the Twin Hills gold project.
Following the acquisition of the Twin Hills Gold Project, further optimisation of the project’s construction, start-up time and production will be made to advance the project to completion of construction and start-up on time. According to a June 2023 feasibility study, the Twin Hills gold project has an after-tax net present value of US$480 million and an internal rate of return of 28 per cent.
The acquisition deal, which is expected to close in the first half of this year, remains subject to shareholder and regulatory approvals, according to the statement.
The acquisition by Yintai Gold signifies its further expansion in the gold sector and further strengthens its position in the global gold market. The deal will present a significant opportunity for Yintai Gold to strengthen its presence in the African gold market and help Osino shareholders to extract more value from its assets in Namibia.
