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Akobo Minerals reports 3Q21 results

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Global Mining Review,

Akobo Minerals AB has reported its 3Q21 results. Akobo Minerals is in a project development phase and consequently had no income in 3Q21. The net loss for the period was SEK 5.1 million, and SEK 10.1 million for the first three quarters. The company has no external debt and a strong cash position of SEK 47 million.

“3Q21 has been another transformative quarter for the company with several new milestones achieved. We had our first trading day at the Euronext Growth exchange, enabling increased liquidity in the share. Further we both applied for and received our large-scale mining license for extracting gold and associated minerals from the Segele deposit,” said Jørgen Evjen, CEO of Akobo Minerals.

“As envisaged, Akobo Minerals is now an exploration company to be supported by mining operations. With the scoping study for Segele finalised we have now a much better understanding of the economics of the future mining operation. It is an exceptional deposit; world class gold grade of 20.9 g/t combined with an estimated all-in sustaining cost (AISC) of US$243/oz. The potential for a high margin mine operation is clear.

“Akobo Minerals has solidified its position as a leading exploration company in Ethiopia and is now ready to continue to build a solid gold mining operation based upon the same principles.

“We are already busy planning for start-up of our mining operations next year. A lot needs to be done, but I am confident our organisation will deliver. Looking forward to the next chapter in Akobo Minerals journey.”

3Q21 highlights

  • Applies for and is awarded a large-scale mining license for gold and associated minerals.
  • Listed on Euronext Growth.
  • Completes its Segele scoping study with very favorable project economics.
  • Peacocke and Simpson awarded contract for metallurgical testwork at the Segele project.
  • Continued high-grade intersections at Joru, and Segele.
  • Sources the first drill rig from Midroc.

Events after the period

  • Sources the second drill rig from Midroc.
  • TS Environment contracted for environmental studies in Akobo.
  • Receives very positive results from metallurgical testwork, potential for greater than previously expected revenue generation.
  • Segele gold mineralisation continues at depth with high grade intersections intercepted at 170 m.
  • First drill programme completed at Joru – rig to be moved to Segele.

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African mining news Gold mining news