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Mining

Osino pumps N$444m into Namibian economy

November 14, 2022
Osino pumps N$444m into Namibian economy

Developers of Twin Hills Gold Project, Osino Resources, says it has invested C$39.5 million (N$444 million) in Namibia over the past six years.

The Canada-based gold exploration and development company said it invested C$19.1 million (N$224.6 million) last year alone, which was largely spent on wages, drilling contractors and project studies.

“92% of local procurement spent in Namibia.Seed funding of C$170,000 (N$2 million) was used to establish the Twin Hills Trust, which is supporting several community development projects, including infrastructure upgrades, low-cost land provision and early childhood development in Karibib and Omaruru. Key suppliers and shareholders have also contributed to the Trust,” the company said in its inaugural sustainability report.

Osino Resources is expecting its mining project to employ about 750 people at the Twin Hills Mine, most of whom will be Namibian and many of whom will be from local communities.

According to the company, currently 95% of its employees are Namibian nationals and 47% are from local communities around the Twin Hills Gold Project.

“Mining companies have a responsibility and an opportunity to make a lasting positive impact in the communities where they operate. Osino takes this responsibility very seriously, and we have set ourselves ambitious goals to not only ‘do the right thing’ but also to make a concerted effort to embed sustainability in everything we do,” said Osino CEO Heye Daun.

“For this reason, we keep asking ourselves how we can maximize our long-term, positive contribution to the socio-economic development of Namibia and contribute to local economic growth, skills development, job creation, community well-being and environmental stewardship. The Sustainability Report we just published gives expression to what we have already achieved on this front and what we strive to do in the future.”

“Economic development, guided by a sustainability approach that considers social and environmental priorities, is essential to grow a Namibian society and economy that thrives over the long term. Our sustainability report captures our commitment in this regard.”

The miner recently released a pre-feasibility study for Twin Hills based on 2.15 million ounces in reserves, outlining a 13-year open-pit mine life with an average annual gold production rate of 169 thousand ounces per annum at all-in sustaining costs of US$930/ounce in the 10 years of operation.

Osino Resources, which was recently granted a provisional confirmation from the Ministry of Mines and Energy for a 20-year mining licence for its Twin Hills gold project, has appointed UK-based Terrafranca Capital Partners Ltd as its debt advisor, to assist with the debt financing for the development of its Twin Hills Gold Project.

In July Osino Resources Corp completed the acquisition of Ondundu gold exploration property in Namibia from B2Gold for a total consideration of N$257.3 million in a deal where B2Gold Mining Investments Limited has agreed to receive Osino Resources Corporation shares in lieu of cash.

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Last modified on Tuesday, 15 November 2022 21:51
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