OSLO, 14 August 2023: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has appointed Professor Steven Rupprecht as Mine Manager and Strategic Adviser to its operation situated in south-west Ethiopia.

Prof Rupprecht is an internationally recognized corporate consultant with over 35 years’ experience working with major mining companies and world-renowned consulting firms. He was Group Mining Engineer for GoldFields, covering over 13 South African gold mines. After a period as Principal Mining Engineer with consulting firm, RSG Global, he took up executive positions in various mining firms including Board Technical Director of a listed coal company.  Rupprecht has also spent a period as the Chairperson for the regulatory organization, SAMCODES, (equivalent to JORC). He has acted as a competent person for large-scale mines and has provided investment advice which has been pivotal in investment decisions.

Before taking up this position, Rupprecht initially worked for Akobo Minerals as a consultant and was instrumental in the design and management of the mining operation at Segele since shortly after its discovery in 2021. He is now heavily engaged in bringing the project to success as the mine nears start-up and with it the first flow of income.  Rupprecht’s combined skills in hands-on management and strategic analysis will also be used to leverage the exciting Gingibil project – the next exploration and mine target area – and review any potential medium-term Ethiopia-wide expansion projects.

Jørgen Evjen, CEO of Akobo Minerals, said: “I am proud to attract another international name to the Akobo Minerals team in Ethiopia. Steven is a renowned name in the industry and the experience he brings means he will be able to ensure our Segele mine and processing plant remains on track and develop in accordance with our operational and financial objectives. Additionally, his knowledge will be invaluable as we explore potential new targets and the long-term strategic direction for the company.”

Steven Rupprecht said: “I began working with Akobo Minerals over two years ago when the Segele project was just a paper sketch and a number of goals. To now see the project reaching fruition is a great achievement and testament to the skills and resilience of the Akobo team. The Segele Mine is an exciting high-grade low-tonnage project with great potential, but I want Segele to be the first step in the company’s successful growth. We are already targeting further exploration opportunities and I look forward to developing these in the coming years for the benefit of our investors, employees and the local community.”

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 

Web: www.akobominerals.com  

About Akobo Minerals 

Akobo Minerals is a Scandinavian-based gold exploration and boutique mining company, currently holding an exploration license covering 182 km² and with an ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as the leading gold exploration company in Ethiopia through more than 13 years of on-the-ground activity. 

Akobo Minerals holds a 16 km ² mining license and is working to start up mining of its very promising Segele target. It has an Inferred and Indicated Mineral Resource of 68,000 ounces yielding a world-class gold grade of 22.7 g/ton, combined with an estimated all-in sustaining cost (AISC) of USD 243 per ounce. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and mine-life. The exploration license holds numerous promising exploration resource-building prospects in both the vicinity of Segele and in the wider license area. 

Akobo Minerals has an excellent relationship with local communities all the way up to national authorities and we place environment and social governance (ESG) at the heart of our activities – as demonstrated by a planned industry-leading extending shared value program. 

Akobo Minerals has built a strong local foothold based upon the principles of sound ethics, transparency, and communication, and is ready to take on new opportunities and ventures as they arise. The company is uniquely positioned to become a major player in the future development of the very promising Ethiopian mining industry.  

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

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012. For further information, see https://www.jorc.org/