Discovered by Osino Resources in 2019, the Twin Hills resource is an open-pit gold mine being fast-tracked to production. It is anticipated that by mid-2026, the project will record an average annual gold revenue of N$4.23 billion.
According to Osino Resources recently released sustainability report for 2022, during construction, the company expects peak employment of about 1 000 people assigned to the site, with a similar operational complement anticipated once the mine and plant are commissioned.
Osino Resources is a leading gold exploration and development company active in Namibia and listed on Canada’s Toronto Stock Exchange.
“We are engaging with capital providers to secure the construction funding to hopefully be able to make an investment decision and start with the construction of the project around the middle of 2024,” said Heye Daun, Osino CEO.
Daun added that the project is a technically simple, long-life and low-cost gold project that will deliver outstanding returns to shareholders.
“We are excited about the opportunities ahead, and we are committed to ensuring the Twin Hills Gold Project not only generates strong returns for shareholders and providers of capital, but that it also creates value for local communities and other stakeholders, while mitigating negative environmental and social impacts,” the report reads.
In 2022, Osino spent N$124 million, 79% of the company’s total procurement, with Namibian suppliers, of which N$32 million was spent with local suppliers within 75km of Twin Hills, creating a transfer of value to the Namibian economy and host communities.
Furthermore, the company paid N$2.9 million in social security, employees’ tax, training levies and workman’s compensation to government.