By: Ecofin agency

Australian mining company WIA Gold said May 20 that it plans to raise 92 million Australian dollars ($65.8 million) to help advance its Kokoseb gold project in Namibia.

The fundraising will mainly support work linked to the project’s definitive feasibility study (DFS), expected in the second half of 2026. The company said the operation will take the form of a share placement already backed by several institutional investors. The offer is expected to close May 26.

WIA Gold plans to use the funds for engineering work, exploration, permitting, environmental approvals, and early pre-production activities at the project site. The DFS is expected to update the project’s economic outlook, including plans for a future mine capable of producing up to 177,000 ounces of gold per year. Construction costs are currently estimated at about $358.8 million.

Chief Executive Henk Diederichs said strong investor demand reflected growing confidence in Kokoseb’s potential to become one of Africa’s next major gold mines. The company hopes the new funding will help move the project closer to production. Kokoseb remains in the development phase, however, and WIA Gold still needs to complete technical studies, secure permits, and arrange the much larger financing package required to build the mine.

The project could strengthen Namibia’s gold sector if it reaches production. The country currently has only two industrial-scale gold mines in operation -Navachab and Otjikoto- while another project, Twin Hills, developed by China’s Yintai Group, is also moving toward production.