Akobo Minerals starts mine development
OSLO, 17 September 2022: Akobo Minerals (Euronext Oslo – “AKOBO”), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that its mining contractor IW Mining Pty (Ltd) has arrived at site.
Jørgen Evjen, CEO of Akobo Minerals, stated: “With the arrival of this highly experienced team, the moment of first ore extraction is getting closer. Mining of ore will be highly significant for us, our host communities and for the Ethiopian mining industry. We are very pleased with the partnership which we have developed with the IW Mining team which has overcome the inevitable hurdles which all mining companies face. We are ahead of schedule with fabrication of the processing plant which will be assembled at site in beginning of 2023, with gold production thereafter.”
- One of the founders of IW Mining has arrived at site with a dedicated South African team with decades of experience in underground mining
- IW Mining has begun their work to recruit an Ethiopian team, which will grow progressively as the project advances through the various stages of mining
- Surface preparation to begin within days, leading to underground mine access development in December
Shipment of the equipment and consumables needed for underground mining is underway and expected to arrive soon. Surface mining operations will begin within days using equipment already available, which will allow for preparation of three portals through which the incline shafts and winzes will be operated. Akobo Mining’s mining consultants have completed a geotechnical study of the portal area to help plan the support needed for efficient and safe operation.
Before leaving South Africa, the mining team undertook training on the equipment which has been selected for the Segele underground operation (see photos below).
Hands on training for the maintenance of the drilling equipment.
Technical training course on the instruments used to monitor occupational health.
Equipment specifications being checked prior to use
Training on how to set up the drilling system
For more information, contact:
Jørgen Evjen, CEO Akobo Minerals
Mob: +47 92 80 40 14
About Akobo Minerals
Akobo Minerals is a Scandinavia-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 12 years of on-the-ground activity.
Akobo Minerals holds a 16 km2 mining license and is working to start up mining of its very promising Segele target. It has an Inferred and Indicated Mineral Resource yielding a world-class gold grade of 22.7 g/ton, combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open at depth, the gold mineralized 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 it places environment, social and governance (ESG) at the heart of its activities - as demonstrated by an industry-leading community 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, 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.
Akobo Minerals fully meets and complies with all parts of the JORC code, 2012. For further information, see https://www.jorc.org/
Competent Person for Exploration Results
The Competent Person who has overall responsibility for the exploration results is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of the Australasian Institute of Mining and Metallurgy which is a Recognized Professional Organization (“RPO”) included in a list promulgated by the Australian Securities Exchange (“ASX”) from time to time. He is a full time employee of Akobo Minerals AB and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Matt Jackson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.