13:56:12 EDT Thu 16 May 2024
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Post says Osino Resources agrees to Chinese buyout

2024-02-27 06:51 ET - In the News

The Financial Post reports in its Tuesday edition that Ottawa's policy of preventing Chinese companies from investing in Canadian companies may be put to the test after Osino Resources agreed to be bought by Yintai Gold for $368-million. The Post's Naimul Karim writes that Yintai's main interest in Osino seems to be Osino's gold project in central Namibia. The Twin Hills gold project is expected to have a 13-year mine life with an average gold production of more than 169,000 ounces per year. The project is expected to generate about $1.5-billion (U.S.) with a relatively low cost of about $365-million to build the mine. Yintai president Xingong Ou in a press release said Twin Hills represents a unique opportunity for the company to add a "high-quality gold development asset" to its portfolio. Osino's Omaruru lithium project lies just 20 kilometres away from the Twin Hills project. Osino in 2022 signed an agreement with Australia's Prospect Resources to explore the property for lithium. Prospect can own about 51 per cent of the project if it meets certain conditions. In November, 2022, Canada ordered three Chinese companies to divest their shares from three junior Canadian lithium miners over national security concerns.

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