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Osino rules out gold refinery plans in Namibia 

editor by editor
October 1, 2024
in Gold
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Osino Resources has ruled out plans to construct a gold refinery in the country for gold production from the soon to be developed Twin Hills project due to economic and regulatory hurdles.

The gold exploration company cited the unlikely economic viability and current regulations in both Namibia and South Africa, mandating gold refining through the Johannesburg-based Rand Refinery.

The project, with an expected life of the mine (LoM) of 13 years, is expected to have average annual gold production of 200,000 ounces for the first four years and 169,000 ounces for the remaining LoM, with gold production expected by 2027.

“The Rand Refinery plays a crucial role in preparing the gold. While Shajin might handle things differently in the future, I foresee that, at least initially, the gold will continue to go to the Rand Refinery. This is the standard for any gold producer in Namibia or South Africa. There must be no other option for refining gold in these countries,” Osino Resources Interim Chief Executive Officer Heye Daun told M&E.

He said Namibia’s gold mines will continue following this established process as it is the best economically viable solution for now, with potential future shifts being unlikely.

“We’ve been asked before about the possibility of establishing a refinery in Namibia. The straightforward answer is that it’s not economically feasible. Refineries are extremely expensive and require production volumes far larger than what Namibian gold mines can offer. For now, the Rand Refinery remains the best solution,” Daun said.

Namibia has two major operational gold mines, the Navachab, near Karibib, operated by QKR Namibia, and Otjikoto, near Otavi, operated by B2Gold.

In addition, there are several gold exploration projects, including Twin Hills (Osino Resources), Ondundu (Osino and B2Gold), Outjo (North River Resources), and the Erongo Gold Project by Antler Gold.

Meanwhile, according to the Bank of Namibia, gold exports during the first quarter of 2024 increased by 27.9%, reaching N$3.4 billion, attributed to increased export volumes, a higher US dollar gold price, and the depreciation of the local currency.

According to the Bank of Namibia’s Quarterly Bulletin, export revenue from other minerals also increased annually but decreased quarterly, mainly due to changes in the volume of gold exports.

Annual export earnings from other minerals grew by 23.7% to N$4.2 billion, driven by higher gold export volumes and increased international prices.

The value of gold exports specifically rose due to the same factors.

“Gold prices increased, supported by strong buying by central banks for safe-haven purposes and concerns over sluggish global economic activity,” the bank said.

Osino was recently acquired by Shanjin International (formally Yintai Gold). 

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.

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