OSLO, 6 June 2024: Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med
ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:
AKOBO) (OTCQX:AKOBF).
Akobo Minerals, a leading gold exploration and mining company based in
Scandinavia with operations in Ethiopia, today provided an operational update
highlighting good progress with finalising remaining works on the processing
plant. In addition, the company has started a cooperation with an international
mining engineering company to assess potential for accelerating mining
operations and reduce operational risk going forward.
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The company is pleased to report good progress in the finalization of critical
aspects of its processing plant. Notably, the electrical work, fuel system, TSF,
and piping are nearing completion, with expectations of concluding remaining
work within the upcoming two weeks. Following this, the final commissioning
phase will commence, with support from Universal Power Africa and Solo
Resources.
Acknowledging the support from governmental bodies, particularly the Ministry of
Mines (MoM), Akobo Minerals highlights improvements in logistics. Resolutions
concerning diesel supply and expedited customs procedures for imported items are
facilitating the timely execution of essential tasks. In contrast to the supply
challenges of early 2024, Akobo Minerals has turned around its supply chain
systems with the establishment of a procurement house and expeditor system. The
company is now able to import goods from the world over at much improved lead
times.
In a strategic move aimed at optimizing operations and mitigating risks, Akobo
Minerals has initiated a collaboration with an international engineering mining
company. Leveraging their experience in managing mines across Africa, the
collaboration seeks to explore avenues for enhancing operations at the Segele
mine. The cooperation will initially focus on procurement and mining operations
and may extend to include other aspects of both mining and processing plant
operations through outsourcing.
Looking ahead, Akobo Minerals is optimistic about the production timeline,
anticipating a commencement of production in July/August, contingent upon
sustained progress and collaborative efforts.
For more information
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 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 13 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 (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med
ium=Press+Release&utm_campaign=New+OTCQX+Company) (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.