Twin Hills attracts N$634m in foreign direct investment

Canada-based exploration company Osino Resources Corporation says its Namibian Twin Hills gold mine near Karibib has, since its inception, attracted C$56 million (about N$634 million) in foreign direct investment for the Namibian economy.

This is contained in the company’s sustainability report for 2022, which was released on 17 November, and says the Twin Hills project is on track to create approximately 1 000 permanent new jobs in the region.

In the report, Heye Daun, Osino’s chief executive and president, says: “Being a responsible corporate citizen is central to how we do business, and we are working towards our purpose of building value for all stakeholders – the best outcome for all stakeholders – by embedding sustainability in as many aspects of our business as possible.”

He says the release of the sustainability report underscores Osino’s goal of becoming another strong advocate for responsible gold mining in Namibia, summarises the company’s social, environmental and economic performance and outlines plans for the ongoing integration of sustainability into the design of the Twin Hills gold mine.

“This commitment draws inspiration from several global frameworks and guidelines, including the United Nations Sustainable Development Goals, the mining principles set forth by the International Council of Mining and Metals, the reporting standards of the Global Reporting Initiative, and the Namibian Best Practice Guide to Mining,” he says.

The sustainability report states that Osino’s Namibian operations spent C$9,5 million (N$124 million) on procurement and paid C$2 million (N$27 million) in the remuneration of workers and C$221k (N$3 million) to the Namibian government in the form of Social SecurityCommission contributions, income tax, workman’s compensation and training levies in 2022.

“Since 2017, Osino has invested a total of C$56 million (N$634 million) in Namibia, prioritising the employment of local communities,” the statement reads.

According to Daun, 92% of Osino’s employees are Namibian, and 38% of them are from local communities around the Twin Hills gold project.

He says 22% of the women employees are in an industry where men dominate, yet equal pay for equal positions applies throughout the company.

Daun says in a bid to strengthen local communities and relationships, the company has secured 79% procurement within Namibia, with a quarter acquired within 75km of Twin Hills.

“As part of its commitment to the economy of Namibia, Osino has a policy to buy, where possible, from local companies. In 2022, the company spent C$9,5 million (N$124 million) on procurement with Namibian suppliers, of which 26%, C$2,4 million (N$32 million) was spent on suppliers located within 75 km of the Twin Hills mine,” he says.

As a boost for the ongoing support of strategic socio-economic development projects through the Twin Hills Trust, the report says well-attended public engagement meetings were held in Windhoek, Karibib and Omaruru in November 2021, while meetings with local authorities are ongoing.

Furthermore, Daun says no significant environmental incidents were recorded and investigations into carbon-reducing technologies and strategies for Twin Hills Mine, including the planned solar plant that will provide about 37% of the mine’s electricity needs, are ongoing.
– email: matthew@namibian.com.na