Akobo Minerals has today applied for a large scale gold mining license. After more than 10 years of exploration work, an application was submitted in close dialogue with the Ministry of Mines and Petroleum. Ongoing successful drilling and a high-grade mineral resource from Segele supports our view that mining will be an important and integral part of the company’s future.

The Minister of Mines, Takele Uma said:

“We are cooperating with Etno Mining/Akobo Minerals to finalize the mining license next week, the first week of the Ethiopian New year. Etno Mining has worked relentlessly since the beginning of its exploration activities.”

The mining license area applied for covers a large part of the existing exploration license. A large scale mining license is normally granted for an initial period of 20 years, then for an additional 10 years. With grant of the mining license we will secure a long term operation for the next 20 years and the opportunity to continue exploration work as we start preparations for mining operations. Typically mining licences include obligations on the company to pay royalties, taxes, support local communities and undertake ESG programmes – all of which are already within the company plan.

Chief Executive Officer, Jørgen Evjen said:

“Today we have submitted our mining license application to the Ministry of Mines and Petroleum – another milestone for Akobo Minerals. We are still an exploration company, but we create flexibility and options for ourselves with applying for a mining license. We still believe that Akobo Minerals will be a leading player in the Ethiopian mining sector for many years to come, and that we are about to open up a new region for exploration and mining in Ethiopia. Key economic metrics of mining operations at Segele will be released shortly from our scoping study. ”

Even though the application is for large scale mining, the current plan to use small scale mining techniques is still valid. A large scale mining license provides more flexibility in yearly tonnage mined, and the length of the mining license period is double that to a small scale mining license.

For more information contact 

Jørgen Evjen, CEO 
Mob.: (+47) 92 80 40 14 
Mail: jorgen@akobominerals.com 

About Akobo Minerals:  

Akobo Minerals, is a Norway-based gold exploration company, currently with ongoing exploration in the Gambela region and Dima Woreda, southwest Ethiopia. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an exploration license over key targets in the area. Economic mineralisation was discovered and the company is engaged in mining studies to advance the project to production, alongside exploration core drilling. Akobo Minerals is transforming its organisation to support an increased pace of core drilling. At both the key targets Segele and Joru the company has so far released exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. Core-drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities – a ground-breaking community program is being planned.

Important information: 

This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.