OSLO, 23 July 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, is pleased to announce that the Segele processing plant is now operational. This milestone represents a significant advancement for the company’s operations in Ethiopia.
The commissioning process has successfully activated the majority of the Segele plant, allowing Akobo Minerals to process a substantial amount of ore efficiently and safely. Last week, the first phase of commissioning was completed, with Gekko Systems and Solo Resources overseeing the setup of the milling, grinding, Falcon concentrator, InLine Leach Reactor, and furnace in the gold room. The final phase, the activation of the InLine Leach Reactor (ILR), was completed by Gekko Systems. The company anticipates an extraction efficiency of 76% from the concentrator and ILR system.
Jørgen Evjen, CEO of Akobo Minerals, remarked, “This is a great achievement for our team and a testament to the quality and build of the processing plant. We have received solid feedback and are proud of the strong work from our team. We look forward to processing our first ore and moving forward with the project.”
Akobo Minerals appreciates the strong support and interest from the Ethiopian Government in the Segele project. The company recently hosted a delegation, including Deputy Prime Minister Temesgen Tiruneh, Minister of Mines Habtamu Tegegne, and Gambella President Omod Ojulu, who were on-site to oversee the first run of operations.
In line with a phased approach to optimize both operational efficiency and cost-effectiveness, the commissioning of the CIL (Carbon in Leach) system will be deferred until production volumes are increased. This strategy ensures that the plant operates in a cost-effective manner while allowing the team time to familiarize themselves with the initial phase of the plant. Tailing from the current ore will be stored and reprocessed once the CIL tanks are operational.
The plant is designed with the capability to produce 4,000 ounces of gold per month, with an expected recovery rate of 96%. Additionally, its modular design allows for future upgrades as the Segele mine and adjacent targets are developed, ensuring the plant remains adaptable to evolving operational needs.
Currently, the company is blasting and mining ore from the Western winze and expects to process low-grade ore through the plant in the coming weeks.
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 14 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.
