Osino Resources is forecasted to generate approximately N$4.23 billion in annual revenue from its fast-tracked Twin Hills Gold Project, with gold production expected by mid-2026.
According to Osino’s 2022 sustainability report, the company has successfully completed detailed technical, environmental, and social due diligence, securing a credible mining project financier through internal approval processes and is aiming to complete legal documentation and achieve financial close later in the latter half of 2023.
During the reviewed period, Osino allocated N$110 million to exploration and development investments, with employee compensation totalling N$27.3 million.
The sustainability report indicates that the project is expected to create around 1,000 jobs, prioritizing local and national employment, subject to skills availability.
This comes as the project has an average annual gold production estimate of 162,000 ounces over 13 years and a planned processing plant throughput of 5 million tonnes per annum with 92% expected gold recovery.
“The bulk of the mineral resource is contained in four distinct deposits – Twin Hills West (THW), Bulge, Twin Hills Central (THC) and Clouds. Estimated 2.94 million ounces of gold in the measured and indicated mineral resource category, 0.25 million ounces inferred category10,” notes the report.
Heye Daun, Osino CEO and President said that part of Osino’s commitment to the economy of Namibia, in 2022, the company spent N$124 million on procurement with Namibian suppliers, of which 26%, N$32 million, was spent on suppliers located within 75 km of the Twin Hills Gold Mine Project.
“Of all Osino employees, 90% are Namibian and of all employees in Namibia, 98% are Namibian. Of these, almost 40% come from the host communities surrounding Twin Hills, which are areas grappling with high unemployment rates. Twenty-two percent of employees in a male-dominated industry are women, and Osino aims to increase this number,” he said.
Meanwhile, Osino also supports several strategic socio-economic development initiatives in its immediate vicinity, including early childhood development of over 600 children in Karibib and Omaruru.
“It has also contributed to developing low-cost, serviced plots and upgrading and installing basic sanitation infrastructure in an informal settlement in Karibib. These projects are managed by local NGOs in collaboration with town councils and the Twin Hills Trust and are already having a positive ripple effect on the local economy,” the CEO said.
Osino Resources, is a Canadian gold exploration and development company dual-listed on the Namibian Stock Exchange (NSX) and is focused primarily on the Twin Hills Gold Project in central Namibia. Since its discovery in August 2019, the company has rapidly advanced the project and recently published a Twin Hills Definitive Feasibility Study outlining a robust open-pit gold operation with a 13-year mine life and a processing capacity of five million tonnes per annum.-miningandenergy.com.na
