OSLO, 28 October 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), a Scandinavian-based Ethiopian gold exploration and mining company, is pleased to announce a total production of 2,833 grams of gold in October. This achievement marks a significant milestone in ramp-up and commissioning activities, underscoring our operational capabilities.
Second gold bar produced from the Segele mine
This month’s production includes our second gold bar, weighing approximately 1.5 kg with an estimated grade of 15 g/t, highlighting the potential of our Segele operations as we transition to regular production.
As we move into November, we anticipate increased throughput, drawing us closer to covering operational costs. Our Head of Mining Operations, Helge Rushfeldt, has been on-site to guide efforts, reporting a highly focused and efficient team. With a robust optimization strategy in place, our team is committed to maximizing both tonnage and production.
Additionally, we have significantly strengthened our team by bringing specialists in mining operations and supply chain and support services on board. We believe that this will translate into higher efficiencies supporting our production goals. In this matter we are supported by Sutton Global, an internationally recognised mining and processing services provider. With a clear path forward, we are confident in continued growth and look forward to providing further updates.
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
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and 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. With over 14 years of active operations on the ground, the company has established a strong foothold in Ethiopian gold exploration, now further strengthened with the startup 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 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 (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.
