New major civil engineering project will benefit both the company’s mine infrastructure and the local community

OSLO, 2 February 2022:

The first ever flight landed at a new airstrip which Akobo Minerals has funded and built in Dima. The Super King Air 350 twin-turboprop aircraft carried representatives from Akobo Minerals and the Ethiopian Civil Aviation Authority on the inaugural flight and is a seminal moment in the ongoing development of local business and community activities.

The landing of this aircraft will be remembered for many years to come as it marks a huge milestone to the local population.

Jørgen Evjen, CEO of Akobo Minerals

Built over the course of just 70 days for design, approval and construction, the 1100-metre-long airstrip lies only a couple of kilometres from Akobo Minerals’ mining operation and can accommodate aircraft carrying up to 40 passengers. It will allow the company to bring in goods and personnel more effectively, allow for any medical evacuation and, not least, provide a secure transportation route of gold to Addis Ababa prior to onward distribution to international buyers. Until now, the nearest airstrip has been located in Jima, at least a six-hour journey by road.

Jørgen Evjen, CEO of Akobo Minerals, stated: “The opening of our own airstrip is an important landmark for the company and is a clear indication of our capabilities when it comes to major engineering projects as we seek build out our new mining operation.

“The airstrip is also a significant part of our ongoing ESG [environment, social and governance] program as it will also mean access for the local community to important services that the region has never seen before – from a reduction in travel times to access to deliveries of goods and emergency medical assistance. I am sure that the landing of this aircraft will be remembered for many years to come as it marks a huge milestone for the opportunities now available to the local population.”

Background on Akobo Minerals’ ESG program

Akobo Minerals is building the capacity of its corporate and operations team to place ESG issues at the heart of the development of its gold project in Ethiopia.

The Akobo Minerals mining licence includes a number of ESG obligations that it has negotiated or is pursuing, including a commitment to support sustainable development initiatives in the Dima woreda (district), located in the Gambella region.

Akobo Minerals, as an ethical exploration company is seeking to turn the complex ESG challenge into an opportunity. At the beginning of 2021, Akobo Minerals embarked on a partnership with Sazani Associates (Sazani), a UK-based not-for-profit organisation specialising in natural resource governance, to undertake a rapid appraisal of natural resources and their use in the project area by the local community. Sazani prepared a sustainable natural resource management plan (SNRMP). This will complement mitigation of any negative and positive impacts determined through an environmental and social impact assessment (ESIA), the company is undertaking.

The SNRMP is being designed as a parallel self-sustaining initiative to the development of its gold mining project and will incorporate the following:

• Capacity building in environmental and social safeguarding and technical capacities of artisanal and small-scale gold mining (ASGM) activity, as well as improved regulation;
• Alternative sustainable livelihood opportunities that support food security and technical vocations; and
• A payment for ecosystem services scheme, to generate income, from carbon credits, for our host communities, through rehabilitation and conservation of degraded areas.

These are in addition to a series of philanthropic initiatives and infrastructure upgrading undertaken by Akobo to date.

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration company, with ongoing exploration and small-scale mining developments in the Gambela region and Dima district of southwest Ethiopia. Operations were established in 2009 by people with long experience from both the public mining sector in Ethiopia and the Norwegian oil service industry. Following mineral discoveries, the company is engaged in mining studies to advance the project to production, alongside exploration core drilling. 

Akobo Minerals is transforming itself to support an increased pace of core drilling. At both its key targets – in Segele and Joru – the company has released exceptionally high-grade gold results in the Segele deposit, while core drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near the surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities – including a ground-breaking community program.

Akobo Minerals has a clear strategy aimed at building a portfolio of gold resources through high-impact exploration and mining, while adhering to a lean business operation. The company is headquartered in Oslo and is listed on the Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.

For more information, contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14 

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

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.