As new mine construction picks up speed, Akobo lays the foundation stone.

Posted on : Thursday , 31st March 2022

The foundation stone for Akobo Minerals' Segele mine in Ethiopia was laid at a ceremony. This is the beginning of the company's next phase of gold mining and production.

Production is planned to begin by the end of 2022, with ramp-up continuing until 2023. Segele is expected to produce roughly 45,000 ounces of gold per year once it is fully operational. This might rise in the future, depending on new finds and processing facility modifications.

The long-term ambition of Akobo Minerals is to find 1.5- 2 million ounces of gold. According to the JORC reporting standard, the corporation can only mention the estimated volume of the gold, not the potential sales value. Gold is now trading at roughly USD 1,970 per ounce.

Takele Uma, Minister of Mining, Omod Ojulu, President of the Gambella Region, members of parliament and other leaders from the Gambella regions, as well as staff and friends, attended the ceremony. The large turnout demonstrates strong local and national support for the project, and they, together with the corporation, have high hopes for its great success.

'I feel honoured, fortunate, and proud to be here today,' said Jorgen Evjen, CEO of Akobo Minerals, in his address during the event. I'm honoured to see you all here for this event; I'm blessed to have worked with Akobo Minerals for so many years, and I'm proud of all we've accomplished.

'I am particularly happy with our staff's and supporters' efforts in making this happen. We have never given up despite the fact that it has not always been easy. We pay attention, seek answers, act, and create objectives. We've formed friendships as well as collaborations. We believe in having a presence both locally and nationally.'

'At all times, we adhere to international standards and ethics, and we hope to become Ethiopia's foremost exploration and mining firm in the next years,' he added. For us, this is only the beginning. Last but not least, I'd want to express my gratitude to the Minister of Mining, Takele Uma, for his vision, leadership, and belief in the project."'

Good progress is being achieved thanks to the government's assistance and collaboration. Akobo Minerals has said for some time that it is transitioning from an exploration firm to a mining enterprise. According to the most recent sources, Akobo Minerals will soon begin mining in Segele.