Yintai Gold to acquire Osino Resources for C$368M
Osino terminated an earlier deal with Dundee Precious Metals
China's Yintai Gold is buying Canadian gold explorer Osino Resources for around C$368 million, the companies announced.
Yintai will acquire Osino's gold assets in Namibia, including the Twin Hills, Ondundu, and Eureka projects.
Osino terminated an earlier C$287 million deal with Dundee Precious Metals after Yintai made a superior takeover bid. Yintai's all-cash offer has a significant premium of around 32% over the prior agreement, and the Chinese company will also pay a $10 million termination fee to DPM.
"Whilst we were appreciative of the previous offer from DPM, the all-cash offer from Yintai represents a significant premium to the DPM offer price, thus is clearly a superior proposal, and is an excellent outcome for Osino's shareholders," Osino's chief executive Heye Daun said.
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Yintai's chief executive, Xingong Ou, said Twin Hills represents an opportunity to add a high-quality gold development asset to its portfolio in a stable and mining-friendly jurisdiction.
"The project provides the foundation for our future production profile with production targeted for 2026, as well as significant exploration upside," Xingong Ou said.
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