Osino brings in N$634m in direct foreign investment

Canadian gold exploration and development company Osino Resources has, since inception, attracted C$56 million (N$634 million) in foreign direct investment for the Namibian economy.

According to Osino’s 2022 Sustainability Report published in November last year, the company, which focuses on the development of the Twin Hills Gold Project, located near Karibib, Namibia, is also on track to create approximately 1 000 permanent new jobs in the region.

Osino chief executive and president Heye Daun says: “Being a responsible corporate citizen is central to how we do business, and we are working towards our purpose of ‘building value for all stakeholders’ – the best outcome for all stakeholders – by embedding sustainability in as many aspects of our business as possible.”

He says the release of the sustainability report underscores Osino’s goal of becoming another strong advocate for responsible gold mining in Namibia.

“This commitment draws inspiration from several global frameworks and guidelines, including the United Nations Sustainable Development Goals, the mining principles set forth by the International Council of Mining and Metals, the reporting standards of the Global Reporting Initiative and the Namibian Best Practice Guide to Mining,” he says.

Since the discovery by Osino in August 2019, the company has completed more than 240 000m of drilling, and completed a suite of specialist technical studies culminating in the publishing of the Twin Hills Definitive Feasibility Study on 12 June 2023.

The study describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average gold production of over 169 000oz per annum.

As part of its commitment to Namibia’s economy, Osino’s policy is to buy from local companies where possible.

“In 2022, the company spent N$124 million on procurement from Namibian suppliers, of which 26%, or N$32 million, was spent on suppliers located within 75km of the Twin Hills Gold Mine Project.

The report says of all Osino employees, 90% are Namibian, and of these, almost 40% come from the host communities surrounding Twin Hills, which are areas grappling with high unemployment rates.

Osino also supports several strategic socio-economic development initiatives in its immediate vicinity, including early childhood development of over 600 children at Karibib and Omaruru.

“It has also contributed to the development of low-cost, serviced plots and upgrading and installing basic sanitation infrastructure in an informal settlement at Karibib.

“These projects are managed by local non-governmental organisations in collaboration with town councils and the Twin Hills Trust, and already have a positive ripple effect on the local economy,” the report says.

The company’s strong focus on environmental performance is demonstrated by Osino’s motivation to design the future mine to minimise water consumption and carbon-emissions, and to also minimise other environmental impacts.

There have been zero significant environmental incidents since inception regarding exploration activities, the report states.

– email: matthew@namibian.com.na