Akobo Minerals reports January gold production and details on new vertical mine shaft

Oslo, Norway, 12.02.25, Akobo Minerals AB (publ) (“Akobo” or the “Company”) (Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer, provides an operational update for January 2025 and details on the new vertical mine shaft with a 100-ton-per-day capacity.

  • Gold production: Slightly more than 2 kg of doré gold bar was produced in January, bringing total gold production to 17 kg to date. This was in line with expectations, as tunnel operations were temporarily halted from mid-December 2024 to mid-January 2025 for essential safety improvements. Both tunnels are now fully operational.
  • Increased production ahead: Stoping (mining the ore body) has commenced from the Western Winze, while the Eastern Winze is nearing completion for its prospect drive to start at the new 575 level. Going forward, mainly ore will be mined, marking a shift toward more stable production. It is important to highlight that underground mining in a deposit like Segele, which exhibits a strong nugget effect, naturally results in month-to-month production variations. While short-term fluctuations can occur, long-term production expectations remain unchanged.
  • All-time high gold price: The recent record gold price is expected to positively impact future cash flow from the Segele mine.

Establishment of a vertical shaft at Segele

Due to the compact and highly concentrated nature of the orebody, Akobo Minerals has decided to establish a vertical shaft to improve access and increase underground hoisting capacity. This infrastructure upgrade will significantly accelerate production, aligning it more closely with the processing plant’s capacity. Additionally, the vertical shaft will enable activation of the Carbon-in-Leach (CIL) circuit, increasing gold recovery rates from approximately 60% to 93%.

Key features of the vertical shaft:

  • Phase 1: Initial shaft depth of 60 meters, with infrastructure capable of extending to 120 meters.
  • Timeline: Expected completion within 12 to 16 weeks from commencement.
  • Design: Approximately 3 meters in diameter, accommodating cages, ventilation, water pumping, and electrical infrastructure.
  • Hoisting system:
    • Double-cage arrangement for personnel and ore transport.
    • Hoisting capacity of approximately 3 tonnes per hoist, with a total capacity of up to 100 tonnes per day, depending on underground ore availability.
    • Electrically powered winder, backed by a dedicated diesel generator with redundancy from the process plant’s power system.
  • Manufacturing and installation: Headgear, control, and winch rooms will be manufactured in South Africa and shipped to Segele for assembly and commissioning.

The transition to a vertical shaft represents a shift aimed at improving long-term production efficiency.

 

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 producer, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. With over 14 years of active operations on the ground, the company has established a strong foothold in Ethiopian mining industry.

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 The mineralized zone remains open at depth, supporting future resource estimates and extending the mine’s 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 maintains strong relationships with local communities and government authorities, placing ESG principles at the core of its operations. The company’s commitment to sound ethics, transparency, and stakeholder engagement is evident through its industry-leading extended shared value program.

Akobo Minerals 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 (OTC: AKOBF) is traded on the OTC Pink Market.

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.