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Akobo Minerals reports 1H21 results

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Global Mining Review,

Akobo Minerals AB has reported its 1H21 results. Akobo Minerals is in a project development phase and consequently had no income in 1H21. The net loss was SEK 5.6 million, compared to a loss of SEK 5 million in 1H20, as the project activity has ramped up as planned.

“The 1H21 has really been a breakthrough for the company with many milestones achieved along the way. Our operational and financial strategies have fallen into place by becoming an exploration company to be supported by small scale mining activities,” said Jørgen Evjen, CEO of Akobo Minerals.

“Akobo Minerals has now established itself as a leading exploration company in Ethiopia. We have worked diligently for many years to achieve this, by being transparent and responsible in all our undertakings. We have built a highly competent organisation in Ethiopia over the last year, worked closely with local and federal authorities, delivered on our promises and last but not least we have had some amazing results during 1H21.”

“We believe that Akobo Minerals now is well established for future growth in our exploration activity, and in engaging with small scale mining operations. Our organisation is well prepared, and with already 2 drill rigs operational, and soon a 3rd rig in operation, we will be able to dramatically increase the size of the geological database, and this will feed into updating our next resource estimate. The mineralisation is already there, we need to document it.

“For the small-scale mining, all necessary studies are being performed, and dialogue with the Ministry of Mines and Petroleum is ongoing. We hope to be able to release more information to the market in the very near future about both increased activity, economics of the Segele small scale mining and also application for the mining license. So far all indications points towards a potential high cash flow operation to be realised.”

1H21 highlights

  • Registered on Euronext NOTC.
  • Bonanza Grade intersections discovered at Segele.
  • ESG study started with Sazani Associates.
  • First Maiden resource estimate Segele released.
  • Start of core drilling at Joru.
  • Appointment of new General Manager in Etno Mining.
  • Local hiring and strengthening of Etno Mining mid management.
  • Successful capital raise of NOK 50 million.
  • Scoping study for mining at Segele started.
  • 1527 m drilled in 1H21 vs 975 m last year.
  • 1143 assays analysed in 1H21 vs 526 last year.

Events after the period

  • Listing on Euronext Growth.
  • Second drill rig in field, sourced from Midroc.
  • Erik Haugane elected new board member.
  • Segele gold mineralisation continues at depth.
  • High grade intersections drilled at Joru.

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African mining news Gold mining news