Akobo Minerals provides operational update from the Segele mine
OSLO, 02 September 2024: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).
Akobo Minerals, a prominent gold exploration and mining company based in Scandinavia with operations in Ethiopia, is pleased to provide an operational update from its Segele mining activities, reporting that the company has reached several critical milestones.
Daily ore production has commenced at the Segele mine. Since intersecting the ore body in the second tunnel two weeks ago, Akobo Minerals has been consistently producing and stockpiling ore. Currently, the company is in the early phases of ore extraction, advancing toward areas expected to contain high-grade material. Early results are promising, with substantial visible gold observed.
Visible gold produced from the Segele mine
The processing plant at Segele has successfully been commissioned and is currently in the ramp-up phase. Although commissioning typically takes several months, Akobo Minerals has expedited the process, achieving significant progress within a short timeframe. Feedback from experts and consultants indicates that the plant is in excellent condition. The focus is now on fine-tuning the processes to maximize gold recovery and minimize losses. The first batch of very low-grade ore has been successfully processed through the entire plant, from crushing to smelting. While the gold yield was low, as anticipated, this marks a significant milestone, demonstrating the plant’s operational efficiency.
Smelting of first Segele gold from very low-grade ore
Looking ahead to September, Akobo Minerals expects to continue and expand ore production from the mine and run the processing plant in batches to secure maximum gold recovery. The gold will then be further processed at our partner MKS PAMP’s refinery in Switzerland and then sold in the gold spot market.
Akobo Minerals remains optimistic about the future of the Segele mine and is well-positioned to scale up production in the coming months. With the end of the rainy season, we anticipate more stable and efficient working conditions, which will further enhance our operations.
For further information, please 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 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.
