OSLO, 6 June 2024: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).
Akobo Minerals, a leading gold exploration and mining company based in Scandinavia with operations in Ethiopia, today provided an operational update highlighting good progress with finalising remaining works on the processing plant. In addition, the company has started a cooperation with an international mining engineering company to assess potential for accelerating mining operations and reduce operational risk going forward.
The company is pleased to report good progress in the finalization of critical aspects of its processing plant. Notably, the electrical work, fuel system, TSF, and piping are nearing completion, with expectations of concluding remaining work within the upcoming two weeks. Following this, the final commissioning phase will commence, with support from Universal Power Africa and Solo Resources.
Acknowledging the support from governmental bodies, particularly the Ministry of Mines (MoM), Akobo Minerals highlights improvements in logistics. Resolutions concerning diesel supply and expedited customs procedures for imported items are facilitating the timely execution of essential tasks. In contrast to the supply challenges of early 2024, Akobo Minerals has turned around its supply chain systems with the establishment of a procurement house and expeditor system. The company is now able to import goods from the world over at much improved lead times.
In a strategic move aimed at optimizing operations and mitigating risks, Akobo Minerals has initiated a collaboration with an international engineering mining company. Leveraging their experience in managing mines across Africa, the collaboration seeks to explore avenues for enhancing operations at the Segele mine. The cooperation will initially focus on procurement and mining operations and may extend to include other aspects of both mining and processing plant operations through outsourcing.
Looking ahead, Akobo Minerals is optimistic about the production timeline, anticipating a commencement of production in July/August, contingent upon sustained progress and collaborative efforts.
For more information
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and boutique mining company, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 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, which has now been enhanced further with the development of its Segele mine.
Akobo Minerals’ Segele mine has an Inferred and Indicated Mineral Resource of 68,000 ounces, yielding a world-class gold grade of 22.7 g/ton. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and the life expectancy of the mine. 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 the company places environment and social governance (ESG) at the heart of its activities – as demonstrated by a planned, industry-leading, extended shared value program.
Akobo Minerals has built a strong local foothold based on 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. The company is headquartered in Oslo and is publicly listed on the Euronext Growth Oslo Exchange and the Frankfurt Stock Exchange under the ticker symbol AKOBO. For US investors, Akobo Minerals AB (OTCQX: AKOBF) is traded on the OTCQX Best Market, adhering to high financial standards, best practice corporate governance, and compliance with U.S. securities laws. Additionally, the company has a professional third-party sponsor introduction, and investors can access current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Akobo Minerals places great emphasis on meeting and exceeding industry standards, fully complying with all aspects of the JORC code, 2012. For detailed information on their adherence to this code, please refer to https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical practices, community engagement, and environmental responsibility positions them as a formidable force in the evolving landscape of the Ethiopian mining sector.
