Akobo Minerals announced completion of processing plant and commencement of commissioning

Akobo Minerals AB, the Scandinavian-based Ethiopian gold exploration and mining company, provided an operational update marking the successful completion of its processing plant construction and the commencement of commissioning activities.

  © Akobo

© Akobo

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

www.akobominerals.com

Related articles:

Akobo Minerals reported successful commissioning of Segele gold processing plant

Akobo Mineral announced already in July that the Segele processing plant is now operational. This milestone represents a significant advancement for the company’s operations in Ethiopia. The...

more

Akobo Minerals reports good progress with the Segele processing plant

Akobo Minerals, a leading gold exploration and mining company based in Scandinavia with operations in Ethiopia, provided an operational update highlighting good progress with finalising remaining...

more

Akobo Minerals continues rapid development of the Segele Mine

Akobo Minerals, the Scandinavian-based Ethiopian gold exploration and boutique mining company, provided an update on its activities to develop the Segele Gold Mine. Following the recent announcement...

more

Akobo Minerals announced first gold bar produced from the Segele mine

Akobo Minerals announced the successful production of the first gold bar from its Segele Mine. This significant milestone marks the beginning of gold production as the company moves forward with its...

more

Akobo Minerals started up operation of ultra-small plant to process first gold

Akobo Minerals AB, Scandinavian-based Ethiopian gold exploration and boutique mining company, announced in spring that it has reached a true milestone with the start of operations of its ultra-small...

more