Akobo Minerals AB (publ) (“Akobo” or the “Company”) (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in Ethiopia, provides an operational update.
July was a strong operational month, with all parts of the operation performing well. Mining and processing activities continued according to plan, supporting steady gold production and ongoing development work.
Shaft development progressed well during the latter part of the month. While some softer ground conditions were encountered at the beginning of the period, these challenges were successfully managed. The rock is currently considered competent, and normal shaft development is underway.
Credit: Akobo Minerals
Mining engineering students are gaining hands-on experience with the team at Prospect Drives 3 and 4.
Key highlights
- Doré gold production in July: approximately 9 kg
- Cumulative doré gold production to date: approximately 143 kg
- Stockpile available for processing: approximately 985 tonnes
- Remaining vertical shaft development: approximately 57 metres
During the month, Akobo appointed Verdant Capital, an Africa-focused financial advisory firm with experience in the mining sector and in Ethiopia, as financial advisor to support the refinancing of the Company's existing debt facilities.
The process is focused on establishing a long-term debt financing solution and is being undertaken with support from existing lenders. Verdant IMAP’s recent track record in the mining sector includes a USD 65 million debt financing and gold offtake agreement for Heath Goldfields in Ghana with Trafigura, and the acquisition of the Batlhako Chrome Mine in South Africa on behalf of Vishnu Chemicals.
We also hosted engineering students from Addis Ababa University, providing them with an opportunity to gain hands-on experience from a producing mine.
The visit included exposure to processing operations, underground mining activities, safety systems, and other aspects of modern mining operations.