Construction of Osino mine set to commence
Third gold mine in the works
The Twin Hills project is estimated to have a 13-year life of mine.
Work on the construction of Namibia’s third gold mine is set to commence soon following a capital commitment by Chinese miner Yintai Gold. This follows the acquisition of Osino Resources’ Twin Hills project by Yintai to the tune of N$5.5 billion in April. “With the pending acquisition of Twin Hills by Yintai and Yintai’s commitment to finance the development of the Twin Hills Gold Project, site construction is about to commence, Osino Resources’ CEO and president Heye Daun said.
Osino was able to complete the definitive feasibility study in July 2023. A comprehensive operational readiness plan for the project was developed in 2023, which included key sustainability aspects while the implementation of this plan is ongoing.
Studies conducted indicate that a technically simple and economically robust open-pit gold operation is expected, with a 13-year mine life and average annual gold production of over 162 000 ounces of gold production per annum.
“This progress could not have happened without the collective dedication of our skilled, motivated and hard-working team, which embodies the company’s core values and purpose and has laid a solid foundation for transitioning from exploration and development studies to real mine construction and operations, with a focus on setting the project up for a responsible mining approach," Daun added.
As part of its spending obligations, Osino’s Namibian procurement spend was N$123 million. Additionally, Osino paid N$31.4 million in wages and N$7 million in the form of social security, personnel income tax, workman's compensation and training levies.
According to Daun, Osino has invested a total of N$982 million in Namibia since its establishment in 2017.
“We are excited to continue our sustainability work with Yintai and we are pleased with the commitment and support shown by Xingong Ou, president of Yintai, and his own very motivated and capable team, for our responsible mining plan. This reflects our moral duty to society and is a strategic business choice. It provides all Namibians with the assurance that the project will leave a positive and enduring legacy for the country and its people," he said.