By: Ecofin agency

WIA Gold will need $358.8 million to build a gold mine at its Kokoseb project in Namibia, according to a scoping study released September 30. The proposed operation would produce an average of 146,000 ounces annually over an 11-year mine life.

The company expects output to exceed this level in the first five years, reaching up to 177,000 ounces per year.

Based on a consensus gold price of $2,600 per ounce, the project has a post-tax net present value of $646 million and an internal rate of return of 38%. The study estimates capital payback within 1.8 years.

“These results highlight Kokoseb’s strong economics and potential as a new gold mine in Namibia,” WIA said in the release.

The study remains preliminary, as it is based on Kokoseb’s current 2.93 million-ounce mineral resource, up 38% from July’s estimate. WIA will now advance a definitive feasibility study (DFS), scheduled for completion in the second half of 2026.

The DFS will rely on proven reserves and further technical tests, providing a more accurate basis for development. In parallel, WIA plans to secure mining and environmental permits while continuing exploration to expand the project’s resource base.

WIA announced in August that it would seek A$30 million (about $20 million) to advance Kokoseb. The project is one of several new gold mines planned in Namibia, alongside Osino Resources’ $365 million Twin Hills project.

The investments coincide with a bullish gold market. Spot prices traded above $3,800 per ounce on September 30, boosting investor appetite for African gold projects.