Osino Resources Corp (Osino) has revealed that it has invested N$982 million (C$81 million) in Namibia since 2017.
In 2023 alone, Osino’s procurement in Namibia reached N$123 million, further supporting the local economy.
This is revealed in Osino’s 2023 Sustainability Report, released recently which highlights the company’s social, environmental and economic performance over the past year.
The report also outlines the company’s plans for incorporating sustainability into the Twin Hills Gold Project, located near Karibib in Namibia.
“Prioritising local and transformative employment the Twin Hills Gold Project is likely to create approximately 1,000 new jobs in the region,” the report noted.
Additionally, the company paid N$31.4 million in wages and N$7 million in taxes and levies to the Namibian government in 2023.
This comes as the company has a staff complement comprising 89% of its 83 employees being Namibian nationals, and 37% hailing from local communities.
The company has also made strides in gender diversity, with 22% of its workforce being female, a notable figure in the traditionally male-dominated mining industry.
The 2023 Sustainability Report details Osino’s efforts in environmental stewardship and sustainable practices.
“The company recorded zero significant environmental incidents in 2023 and has developed a diversified water supply strategy to minimise the impact on other water users and the environment,” said Osino President & CEO Heye Daun.
He noted that Osino has also committed to reducing water consumption through investments in pressure filtration and dry-stacking of mine tailings.
“To reduce future water consumption, Osino has committed to a significant additional capital investment which provides for pressure filtration and dry-stacking of mine tailings, resulting in a substantial reduction in overall water consumption to a level of less than half of comparable mines in Namibia,” he said.
He noted that 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.
“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,” he said.
The acquisition by Yintai Gold Co., Ltd., expected to be finalised in the coming months, is set to further strengthen Osino’s financial and operational capabilities, ensuring the successful development of the Twin Hills Gold Project.
Daun said this partnership aims to create shared value for all stakeholders and ensure the project leaves a positive and enduring legacy for Namibia and its people.
