The November resumption of talks between Tanzania’s government and multinational corporates, on plans to develop the country’s $30bn liquefied ... natural gas (LNG) reserves, has triggered optimism that progress may finally be in sight.
The current estimate for the project’s construction capital is around $200m, Daun says. Through the ongoing exploration drilling and technical optimisation, it is “very likely that the ultimate project capital will grow significantly, likely to around $250m or more,” he says.
Twin Hills was discovered by Vancouver-based Osino in 2019. The project is currently in the feasibility-study stage, which is estimated to be concluded during 2022. If construction commences in late 2022, the project could produce first gold in 2024, after a construction period of 15 to 18 months, Daun says.