Vis børsmeldingen
fourth quarter of 2024, while introducing a new mine development plan designed
to accelerate production.
Q4 2024 highlights
· Robust gold production: Approximately 15 kg of gold produced during Q4 2024,
marking a significant milestone as full-scale operations commenced. This
production was primarily achieved from the mine’s development activities rather
than direct mining of the ore body. Encouragingly, initial results confirm that
the gold is located where it is expected to be, validating the geological model
and supporting confidence in future mining operations.
· December production: 2.3 kg of gold smelted to date, with total December
production expected to reach 3 kg after final smelting. Production in December
was temporarily impacted by a safety-related closure of the Western Winze, which
has now resumed operations.
· First revenue-generating quarter: After 15 years of development, Akobo has
achieved its first quarter with recorded revenue, covering the majority of the
company’s operational expenses. This marks a transformative shift from the
project phase into steady gold production.
Operational progress
· Eastern winze: Development is advancing rapidly toward the next, lower
production level; level 575 which targets Stope 01, the highest-grade area of
the Segele deposit. Production from the Eastern Winze is expected to begin once
this development is completed by the end of January 2025.
· Western winze: Operations resumed following a temporary closure for safety
enhancements. The Western Winze is already within the ore body, with production
now focused on extracting high-grade ore. No further development is planned for
this winze.
· January and February outlook: Lower production is expected in January due to
the focus on Eastern Winze development, and safety enhancement in Western winze
first part of January. Production is projected to increase in February as both
winzes contribute to output.
New mine development plan
To accelerate production and commission the full plant, including the Carbon-in
-Leach (CIL) system, Akobo has developed a three-phased mine development plan in
collaboration with Sutton Global. This plan is designed to substantially
increase ore production and enhance operational efficiency.
· Phase 1: Increase production from existing winzes while optimizing
operations.
· Phase 2: Construct a vertical shaft to enable substantial increases in ore
tonnage and production capacity. During this phase, the full CIL plant will also
be commissioned, targeting gold recovery rates above 90%. The vertical shaft
will provide access to the Indicated Resource of 41,000 ounces at an average
grade of 40.6 g/t.
· Phase 3: Resume incline shaft development to access deeper sections of the
ore body and facilitate underground drilling for further exploration once the
vertical shaft is operational.
[Et bilde som inneholder tekst, diagram, line, Plottdiagram
KI-generert innhold kan være feil.]
Vertical shaft construction
Civil work on the vertical shaft will commence in January 2025, with completion
anticipated within 3-5 months. The shaft will be located close to the ore body,
allowing phased development to efficiently and safely access different levels of
the deposit. Vertical shaft sinking is a globally recognized, cost-effective,
and reliable method that will significantly enhance production capacity,
enabling the processing of several thousand tons of ore per month compared to
the current capacity of several hundred tons per month.
Exploration update
Exploration drilling resumed at West Segele in December, with results expected
to provide further insights into the deposit’s potential. Additional updates
will follow as data becomes available.
Financial update
The Company is actively pursuing financial restructuring initiatives to
strengthen its balance sheet. These efforts aim to support ongoing operations,
infrastructure development, and production expansion, ensuring a stable
foundation for future growth.
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
Web: www.akobominerals.com
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and 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. With over 14
years of active operations on the ground, the company has established a strong
foothold in Ethiopian gold exploration, now further strengthened with the
startup 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 The mineralized
zone remains open at depth, supporting future resource estimates and extending
the mine’s life. The exploration license holds numerous promising exploration
resource-building prospects in both the vicinity of Segele and in the wider
license area.
Akobo Minerals maintains strong relationships with local communities and
government authorities, placing ESG principles at the core of its operations.
The company’s commitment to sound ethics, transparency, and stakeholder
engagement is evident through its industry-leading extended shared value
program.
Akobo Minerals 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 (OTC Markets | Official site of OTCQX, OTCQB and Pink Markets
ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTC: AKOBF) is traded on the
OTC Pink 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.
Kilde
