About us – ard-gold

Welcome to Akobo Minerals – This is our story:

Photo by Morten Often

Company history

About Akobo Minerals AB

Akobo Minerals AB is a gold exploration company focusing on projects along the Akobo river in southwestern Ethiopia, a prolific area with extensive alluvial gold production. Akobo Minerals currently has ongoing exploration in the Akobo area through its wholly owned subsidiary Etno Mining Plc. Etno is a limited company established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry.

The Akobo project

The Akobo project is situated in a budding gold district in Southwestern Ethiopia, where alluvial mining with hand methods is widespread. Our area is a part of the lowland of the Akobo Basin, an area dominated by flat to hilly grass-covered savannah terrain. Our subsidiary Etno Mining Plc holds an exploration license over key targets in the area. To date placer production and exploration have outlined alluvial gold resources, and our team of geologists have worked extensively over the last 8 years to identify several potential primary gold targets.

Company history

The gold in the Akobo region was first discovered during the Italian occupation of Ethiopia 1936-1941, but occurrence of alluvial gold in the region was not widely known outside the Geological Survey of Ethiopia until about 15 years ago. Then a gold rush started and several tens of thousands of people moved to the region in hope of finding riches. This has become an Ethiopian version of the great gold rushes in 19th century America, only with less guns and fewer cowboys.

Several major alluvial gold discoveries have been made and some of these have lead our team towards the sources of the gold such as the Segele and Joru gold deposits.

Our story starts in 2009 when Etno Mining Plc is launched and commences alluvial production as well as exploration in the Akobo area. The initial alluvial mining continued until 2013 when the decision was taken to focus on exploration rather than production.

Since then Etno Mining has been a pure exploration company and our team has gathered extensive data from the area.

Etno Mining has always been a daughter company of Abyssinia Resources Development AS in Norway, ARD was co-owned between Norwegian and Ethiopian owners and funded all the exploration work to date.

In 2017 discussions were initiated to move the ownership from Norway to Sweden and to get a listing in a Swedish stock exchange. This will enable the company to raise money for the costlier parts of the exploration work, namely drilling for resources. In early 2018 Akobo Minerals AB was incorporated and the transfer of ownership was completed in august the same year.

Mr Befekadu Balcha,

Mr Befekadu Balcha, General Manager Etno Mining PLC. Mr Befekadu has over 50 years of experience as a geologist with several decades in exploration. He has also worked with the Geological Survey of Ethiopia for more than 25 years and has an extensive knowledge about Ethiopian geology.

Mr Teshome Abera,

Mr Teshome Abera, Technical Manager, Board member Etno Mining. Mr Teshome has over 35 years’ experience from the technical side of the mining and exploration business, he has previously worked as the head of the drilling department of the Geological Survey of Ethiopia.

Alem Hailegebriel

is one of our two good, experienced exploration geologists. Alem has worked with the Akobo project for the last 7 years and has a solid knowledge about the gold occurrences and regional geology there. Since a few years back he lives in Addis Ababa when he isn’t at the project site.

Besabh Tamene

is the second of our experienced exploration geologists, and exploration team manager. He has been with the company for over 7 years and has extensive experience of the Akobo projects. When not working in the field he lives with his wife and son in Addis Ababa.

Morten Often,

Senior Geologist for the Akobo group of companies. Morten has a long career working both in Norway and abroad, he is a geologist with long experience of both gold and other metals.

Johan Sjöberg,

CEO of Akobo Minerals AB. Johan is a Swedish exploration geologist with focus on gold and nickel, he has previously worked for Dragon Mining and Nickel Mountain Resources where he held various geology and management positions.

Corporate governance

Following high international standards

Akobo Minerals will strive to maintain an excellent relationship with the local community by following high international standards on corporate governance and social responsibility.

Akobo Minerals are developing several local initiatives in order to achieve a good working relationship with the local community and population. The company seeks to comply with Scandinavian corporate governance standards, including the proper direction and control of all activities.

Akobo Minerals continually document all its activities by using highly respected international firms for consulting, verification and audit.