In an interview, Heye Daun, a mining engineer born in Namibia with 28 years of diverse experience in mining and finance, shared insights into his career trajectory and business ventures.
The renowned gold miner, is the brains behind the establishment of B2Gold’s Otjikoto mine and Osino Resources amongst others.
Daun noted that his primary focus is identifying, advancing, and de-risking projects before bringing them to fruition.
“My business model is to find things, advance them, de-risk them, bring them into the open, and then to do what’s necessary to see this project get developed,” he explained.
He emphasised that his motivations extend beyond financial gain, stating, “I’m not motivated by money. I’m motivated to generate projects because I can see the upliftment it brings.”
Discussing project development, Daun highlighted the importance of partnering with larger companies for successful project realisation.
“If it means we have to sell these projects because we need a bigger parent, most of the time, one has to do that because these are big projects,” he noted.
Daun’s past successes, such as B2Gold, Lumina Gold Corp, and Osino Resources, exemplify his approach, with the recent venture with Yintai showing promise.
Daun disclosed that he had established four to five companies when asked about his involvement in exploration companies.
However, Daun expressed reluctance to venture into the oil and gas sector based on past experiences. “No. I have tried. I lost money,” he admitted. “I tried it in West Africa. I lost money.”
Despite setbacks, Daun remains committed to the mining sector, citing it as his specialty. “I’ve learned to stick to mining. It means I manage my specialty,” he concluded.
This comes as Daun’s journey in the mining industry began with tenures at prominent companies such as Rio Tinto, AngloGold, and Goldfields, where he gained valuable experience in uranium and gold mining in Namibia and West Africa.
Following this, he transitioned into mining project finance and fund management roles with Nedbank Capital and Old Mutual Investment Group in South Africa.
In 2009, Daun embarked on his entrepreneurial journey in the public market, achieving two successful exits.
He co-founded Auryx Gold Corp, which advanced the Otjikoto gold project in Namibia before being acquired by B2Gold Corp. for US$160 million in 2011.
Subsequently, Daun played a pivotal role in the merger of Ecuador Gold & Copper Corp. with Odin Mining, forming Lumina Gold Corp., listed on the TSX Venture Exchange.
In 2015, Daun co-founded Osino Resources Corp., focused on advancing the Twin Hills open-pit gold project, which was recently acquired by Shanjin International Gold Co., Ltd. (formerly known as Yintai Gold Co., Ltd.), in a transaction, valued at N$5.3 billion.
