Akobo Minerals announces completion of processing plant and commencement of commissioning
OSLO, 27 June 2024, Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO, OTCQX: AKOBF), the Scandinavian-based Ethiopian gold exploration and mining company, today provided an operational update marking the successful completion of its processing plant construction and the commencement of commissioning activities.
OPERATIONAL HIGHLIGHTS
- Completion of Tailings Storage Facility (TSF), diesel infrastructure, electrical work, and piping
- Phased commissioning initiated at site in collaboration with Universal Power Africa and Solo Resources
- Successful synchronisation, testing and operation of all generators
- Mill commissioned and running, conveyer belts and crusher in process today
- Advancement towards low grade gold processing in July, with gold ore expected to be reached in Eastern Winze shortly
STRATEGIC ACHIEVEMENTS
- Engagement of seasoned industry player DRA Global to support in enhancing mining operations efficiency and reducing operational risks. With over 40 years of experience in the mining sector, DRA Global brings extensive expertise in optimizing mine and processing plant operations, ensuring a smooth transition to revenue generation. In particular, DRA subsidiary Minopex has developed an impressive track record operating more than 46 sites, across base metals, precious metals and bulk commodities
- Sourcing and logistics partnerships in place with 3rd Party Procurement Enterprises, Airland Logistics, and DRA Global
- License received from Ethiopian Petroleum and Energy Authority facilitating independent fuel sourcing and transportation, bolstered by a direct agreement with the National Oil Company
- Updated mine plan forecasts substantial revenue potential and EBITDA improvement within the initial operational phase
- Restructuring of debt obligations through conversion of convertible debt to equity, resulting in a streamlined financial structure with Monetary Metals
GOVERNMENTAL SUPPORT
Akobo Minerals acknowledges the invaluable support received from the Ministry of Mines and other governmental bodies throughout the construction and commissioning phases. Their collaboration has been instrumental in achieving this milestone.
KEY COMPANY HIGHLIGHTS
- A 'de-risked' project
- Segele gold ore body reached underground
- Processing plant in commissioning phase
- Significant cash flow to be generated
- Excitement around exploration activities following promising initial findings
- Ambition of developing world class deposits of 1.5 to 2 M oz
- Company has a first mover advantage, with expansion opportunities identified
Akobo Minerals will host a webcast, in English, for all shareholders and interested parties today at 10:00 CET. There will be a Q&A session following the management presentation.
The webcast will be available at: Akobo Minerals Webcast Q1 2024
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 reputable Scandinavian-based gold exploration and boutique mining company. The company currently holds an extensive exploration license encompassing 182 square kilometres and a 16 square kilometres mining license, with an active mining operation in the Gambela region and Dima Woreda, Ethiopia. Akobo Minerals has emerged as the foremost gold exploration company in Ethiopia,
boasting over 13 years of dedicated on-the-ground experience.
What sets Akobo Minerals apart is its strong commitment to fostering positive relationships with local communities, extending all the way to national authorities. This commitment is underscored by the company's unwavering dedication to environmental and social governance (ESG), as evidenced by their ground-breaking shared value program.
Akobo Minerals has firmly established its presence in the region by upholding the principles of ethical conduct, transparency, and open communication. This foundation positions the company to embrace new opportunities and ventures as they emerge, making it a key player in the burgeoning Ethiopian mining industry.
Akobo Minerals has charted a clear course for its future growth, with a strategy centered around amassing a portfolio of valuable gold resources through high-impact exploration and mining activities, all while maintaining an efficient and streamlined business operation.
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 (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 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.
