Akobo Minerals signs refinery agreement with Swiss-based MKS PAMP
OSLO, 09 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 signed an agreement with MKS PAMP for a range of gold refinery-related services. The company - one of the most respected precious metals industry players - is an independently operated precious metals refining and fabricating company and part of the MKS PAMP GROUP.
MKS PAMP will provide turnkey refining solutions to Akobo Minerals, from collection of the doré - the semi-pure alloy of gold, produced at Akobo’s Minerals’ mine in southwest Ethiopia - managing the transportation of the gold through Addis Ababa and all the way to MKS PAMP’s refinery in Switzerland for further purification. Other MKS PAMP services include assaying, hedging and delivery of metal bars to customers around the world.
Akobo Minerals carefully selected MKS PAMP as its partner due to the company's strong commitment to Environmental, Social, and Governance (ESG) principles. Among all refineries, MKS PAMP stood out as the sole refinery dedicated to reducing its carbon footprint, a commitment that has been independently verified and confirmed by the Science based initiative (SBTI), an independent body.
Jørgen Evjen, CEO of Akobo Minerals, said: “Our agreement with MKS PAMP is the latest piece in the jigsaw for Akobo Minerals as we move towards production. As we set our sights on production from our Segele mine, we are delighted that we have secured a partner that will work with us to take our gold from our site to the global gold market. It is a true stamp of approval by one of the most respected LBMA-approved refineries in the world.”
He added: “The most important aspect of our partnership is that MKS PAMP’s core values are in line with our own. We pride ourselves on ensuring that every step in our gold exploration and mining activity is undertaken whilst adhering to the highest levels of ethics and transparency – as part of our award-wining ESG program. MKS PAMP has demonstrated over the years a strong dedication to maintaining the same high ethical and transparent standards in its operations, making it the ideal fit for our mutual goals. I am excited about the prospect of nurturing a strong and enduring relationship in the years ahead”.
Marwan Shakarchi, CEO at MKS PAMP, added: “We are pleased to support Akobo Minerals on their ESG journey as they continue to demonstrate their commitment to an ethical boutique gold mining operation in Ethiopia. Choosing Akobo Minerals as a business partner perfectly fits our own philosophy of working with companies that put ESG at the forefront.“
Another important reasons for Akobo Minerals’ desire to work with MKS PAMP is its Provenance program. MKS PAMP developed Provenance as a traceability solution that utilizes blockchain to trace precious metals along the supply chain and guarantee responsible sourcing globally. The desire by customers worldwide to purchase gold from ethical sources is increasingly important, while Akobo Minerals prides itself on the lengths it goes to produce ethical gold from its unique Segele gold deposit.
Akobo Minerals will be sending its material to MKS PAMP one of only three “Approved Good Delivery Referees” of both the prestigious London Bullion Market Association (LBMA) and London Platinum and Palladium (LPPM). The London Bullion Market Association (LBMA) Good Delivery Referee is a key component of the LBMA's quality assurance process for the worldwide bullion trading community.
An LBMA accredited refinery is a precious metals refinery that has been accredited by the London Bullion Market Association (LBMA), the international trade association representing the global over-the-counter (OTC) market for gold and silver bullion. LBMA accredited refineries are required to meet strict quality and integrity standards to ensure the production of good delivery bars, which are widely accepted in the global bullion market. These refineries are subject to regular audits and inspections to maintain their accreditation.
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For more information, contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
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 12 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/