Monday 8th August 2022 Font size:

Akobo Minerals reaches agreement with experienced underground mining contractor

Monday, August 1st, 2022

Akobo Minerals (Euronext Oslo – “AKOBO”), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has reached an agreement with the South African company IW Mining (Pty) Ltd to operate the underground mine at Segele.

IW mining is a highly experienced mining contractor with years of hard-won underground mining experience in the tough South African mining arena. This fundamental agreement secures Akobo Minerals access to personnel and competence for mining of the Segele gold ore according to the following timeline;

  • Mining to be underway in October 2022
  • First gold extraction to begin in Q1 2023
  • Full production expected to begin by end of Q2 2023

In line with the company’s ESG guidelines, IW Mining will recruit and train a significant number of Ethiopian personnel who will work with the Segele mine.

Already a lot of planning and preparation have been undertaken together with IW Mining for the last few months ahead of the signing of the agreement. Sourcing of mining equipment has already begun and first shipments to be dispatched imminently. IW Mining will mobilize an experienced mining team from South Africa that will travel to Segele within weeks.

Jørgen Evjen, CEO of Akobo Minerals, stated: “Getting IW Mining on board was the last piece of the puzzle. Together with Solo Resources for the plant production we have now secured all necessary expertise to start mining. With Ian and Willem guiding us through the next phase of development I am sure we will succeed with our plans. Our companies share the same values and philosophy, delivering responsible and world class projects. “

Ian Lowers, CEO of IW Mining Services, stated: “Our aim has always been to provide a level of service that exceeds the normal contractual Scope of Work. For IW Mining Services this contract in Ethiopia with Akobo Minerals is an important milestone in line with our growth strategy. IW Mining Services has committed itself fully to ensuring the success of this unique project by being a responsible partner in mining innovation. Our belief is that this mining project is the beginning of a strategic multi party partnership in Ethiopia between Akobo Minerals and IW Mining Services.”

Akobo Minerals is now ramping up activities in all areas for preparation of mining operations. With the newly secured Convertible loan and signing of Solo Resources on plant design and production in May all tasks are on track. Solo Resources has already completed design work and the process plant is now under fabrication and deliveries of the parts will begin shortly. The final project funding is also moving forward with several positive dialogues ongoing.

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