Osino Resources has invested N$982 million in Namibia since 2017.
The Canadian company owned the Twin Hills Gold Project before selling it to Yintai Gold.
The Twin Hills Gold Project is in central Namibia, approximately 150 km northwest of the capital city of Namibia.
The project comprises 11 exclusive prospecting licenses, which cover a combined area of 153,206 ha in and around the regional towns and settlements of Usakos, Karibib, Omaruru, and Wilhelmstal.
Osino Resources released its 2023 Sustainability Report released Wednesday.
The report says the company spent N$123 million on procurement from local suppliers in 2023.
According to the report, half of the 66% of procurement spend in Namibia was within the Erongo Region.
The company also paid N$31.4 million in wages and N$7 million to the Namibian government in social security, PAYE, workman’s compensation and training levy in 2023.
Osino Resources employs 83 workers; 89% are Namibians, while 37% are from the local communities around the Twin Hills Gold project. Of the 83 workers, 22% are female.
The company expects to create about 1,000 Twin Hills Gold Project jobs.
Osino Resources CEO Heye Daun says that with the pending acquisition of Twin Hills by Yintai and Yintai’s commitment to financing the development of the Twin Hills Gold Project, site construction is about to commence.
Daun adds that 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.
“We are excited to continue our sustainability work with Yintai. We are pleased with the commitment and support shown by Mr. Xingong Ou, President of Yintai Gold, and his very motivated and capable team for our responsible mining plan.
“This reflects our moral duty to society and is a strategic business choice. It assures Namibians that the project will leave a positive and enduring legacy for the country and its people,” Daun says.
