Canadian gold mining firm Osino Resources is set to make a significant contribution to the Namibian economy with its Twin Hills Gold project, injecting an estimated N$634 million in foreign direct investment.
The mining firm anticipates the mine to commence production towards the latter part of 2025 or the beginning of 2026.
Outlined in the 2022 Sustainability Report, the mine boasts a 13-year lifespan and a processing capacity designed for five million tonnes per annum, with an overall capital cost estimated at approximately N$7 billion (C$494 million, including C$46 million contingency and C$24 million capitalised pre-strip).
With a swift payback period of 2.2 years, Osino’s latest Sustainability Report projects average annual revenues of approximately C$337 million (N$4.23 billion).
The project is expected to create 1,000 jobs during both the construction and operational phases, with a commitment to increasing female representation, prioritising Namibian nationals, and providing local employment opportunities while ensuring 100% equal pay for equal positions.
“Employment will aim to increase female representation, prioritise Namibian nationals and, as far as possible, provide opportunities for local employment with 100% equal pay for equal positions,” the report noted.
In 2022, Osino spent N$124 million with Namibian suppliers, of which N$32 million was spent with suppliers from their host communities. Similarly the report noted that N$3.4 million spent on community support to date. “This included Early childhood development in Karibib and Omaruru: N$1,370,000. Bulk sewer infrastructure installation in Karibib informal settlement: N$790,000. Affordable land programme at Karibib: N$700,000.
Supporting disenfranchised rural artisans (national): N$380,000. Other smaller projects: N$120,000,” said Osino.
The Twin Hills project is located within the prospective Damara sedimentary mineral belt and near the producing Navachab and Otjikoto gold mines.
Meanwhile, additional funding secured in December 2022 and project funding is being advanced.
Osino plans to start construction of the Twin Hills gold mine by the end of this year and go into production towards the end of 2025 or early 2026.-miningandenergy.com.na
