Osino Resources’ Twin Hills Gold Project construction is expected to cost over N$6 billion, with gold production expected by 2027.
Located near Karibib, the project has completed all necessary studies and permits and is now entering the construction phase.
Shanjin International Vice President and Osino Gold CEO-Desginate Tony Zhang said the company is preparing to appoint contractors for both mining and infrastructure development.
“We want to maintain a fast pace with the Osino Twin Hills project. Currently, we are in the process of appointing contractors for both mining and plant infrastructure development. Once these contractors are appointed, construction will begin immediately,” he said.
Zhang noted that the total construction period will take more than two years, as they are building a five-million-ton-per-year processing facility.
“After construction, we anticipate a few months of commissioning before moving into production. The target is to have our first gold ore by 2027,” said Zhang.
In addition to infrastructure development, the project is expected to generate significant employment opportunities, with a focus on hiring locally.
“The project will employ over 90% of its workforce from the local community, with job numbers expected to be similar to other successful plants during both the construction and production phases,” Zhang explained.
Meanwhile, Osino Interim CEO and Co-Founder Heye Daun said the company, which has been focused on exploration since its inception, is now transitioning towards full-scale mine development.
This comes as last month Osino received final approval from the Namibian Competition Commission (NaCC) for its acquisition by Shanjin International (formally Yintai Gold).
Under this arrangement, Shanjin will acquire all outstanding shares of Osino for N$13.04 (C$1.90) per share. This approval, obtained on August 16, 2024, is the last required step for the transaction.
“Osino, as a standalone company, has had an exciting history, but that chapter is now coming to an end. We’ve found a new parent company in Shajin, and the company will now focus on transitioning from exploration to building a gold mine,” said Osino Interim CEO Heye Daun.
“In 2019, we spent over N$1.5 billion on technical studies, salaries, and services to advance the Twin Hills project to its current stage. The project is now in the pre-construction phase, with all technical studies completed and most permits secured,” Daun added.
The total construction cost for the project is estimated at U$400 million (approximately N$6.9 billion) which will be undertaken by Shanjin.
Shanjin International is ranked among China’s top five gold producers, with a notable output of 10 tonnes of gold and 190 tonnes of silver from its four gold and one silver mines. Twin Hills, the company’s sixth mine, represents its first venture into Africa.
Osino’s flagship project, the Twin Hills Gold Project, is set to commence construction by early next year and covers 11 exclusive prospecting licenses (EPLs) across 153,206 hectares in Namibia’s Erongo Region.
The Twin Hills Gold Project is expected to surpass Otjikoto in size and become Namibia’s next major gold mine.
