Australian gold exploration and development company, Wia Gold, has raised N$1.43 billion to help fund the development of its Kokoseb Gold Mine located in between Uis and Okombahe in the Erongo region. The company will issue 294.1 million shares to its new institutional investors. The funding will be combined with Wia’s existing cash and a N$5.82 billion loan from Canadian investment company Sprott to cover the mine’s N$7.68 billion total development cost. The mine is 80% owned by Wia Gold and 20% by Namibia’s state-owned Epangelo Mining. The project contains an estimated 3.78 million ounces of gold, including a 1.95 million-ounce reserve. Wia plans to operate Kokoseb as an open-pit mine for 14 years, producing approximately 150K ounces of gold annually during its first decade. The fourth quarter of 2028 is the targeted date for the mine’s first gold production.   submitted by   /u/namibpulse [link]   [comments]