CHAMWE KAIRA
Gold mining company, Osino Resources, which had listed on the Namibia Stock Exchange (NSX) in September created about 20 Namibian millionaires. Osino has since delisted on the NSX after it was bought by Shanjin International of China.
Osino’s founder, Heye Daun said the company had a lot of Namibian shareholders and that it had raised N$45 million during its listing on the NSX.
“We have created a lot of wealthy people, some of them were our own staff members, they took risks, worked hard and made their money,” explained Daun.
He said in terms of value addition, company raised 130 million Canadian dollars during its exploration stage. The company was then sold to Shanjin for 368 million Canadian dollars. Shanjin has already invested 21 million Canadian dollars in the company and payed breakage fee to Dundee Precious Metals, whom Osino had first agreed a deal to take over the company.
Daun said the construction of the mine is expected to have a positive impact on the development of Omaruru and Karibib through job creation.
“Namibians want to make sure that the cake is shared with locals, I am confident that maximising local content will be high on the agenda of Shanjin. The number of people that will be coming from China is very limited. They are one of the lowest cost producers in China. I have no doubt that they will walk the walk and not just talk the talk,” said Daun.
Daun is a Namibian-born mining engineer and has 28 years of varied experience in mining and finance.
After 10 years in uranium and gold mining in Namibia and West Africa with Rio Tinto, AngloGold and Goldfields, Heye spent the next three years in mining project finance and fund management with
Nedbank Capital and Old Mutual Investment Group in South Africa. Since 2009 he has become a public markets mining entrepreneur.
The NSX listing had served both retail and institutional investors, providing both with direct and simple access to purchasing its shares.
Osino’s NSX listing was partly a response to Namibian investor demand. The release of its Definitive Feasibility Study for the Twin Hills Gold Project was seen by local investors as a significant de-risking event
For the company and its exploration projects, resulting in increased demand for local trading of its shares from Namibian retail and institutional investors.
“I am an entrepreneur, I like to build new things, nurture them, make them bigger and they are when they are ready, I give them to the right people to develop. it’s now my second time and I would like to do that again,” Daun commented when asked what he intends to do next.
