New takeover China’s Yintai Gold has reached a deal with Canadian miner Osino Resources under which the Chinese company will take over the business under a deal worth some C$368 million (US$273 million).
“At closing of the Yintai Arrangement, Osino’s portfolio will consist only of gold related assets located in Namibia, primarily the Twin Hills Gold Project in central Namibia as well as exploration projects Ondundu and Eureka,” Osino Resources said in a statement.
“Yintai is experienced, well-financed, and has a highly credible track record of gold mining in China, with the technical skills and financial resources to progress the project through construction and into production. We look forward to working with Yintai to continue to fast-track the development of the project and close this transaction,” said Heye Daun, the president and CEO of Osino Resources.