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Akobo Minerals applies for large scale gold mining license

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Global Mining Review,

After more than 10 years of exploration work, Akobo Minerals has submitted an application for a large scale gold mining license, working in close dialogue with the Ethiopian Ministry of Mines and Petroleum.

Ongoing successful drilling and a high-grade mineral resource from Segele supports the company’s view that mining will be an important and integral part of the company’s future.

Takele Uma, Ethiopia’s Minister of Mines, comments:

“We are cooperating with Etno Mining/Akobo Minerals to finalise the mining license next week, the first week of the Ethiopian New year. Etno Mining has worked relentlessly since the beginning of its exploration activities.”

The mining license area applied for covers a large part of the existing exploration license. A large scale mining license is normally granted for an initial period of 20 years, then for an additional 10 years. With grant of the mining license Akobo will secure a long term operation for the next 20 years, and the opportunity to continue exploration work as it begins preparations for mining operations. Typically mining licences include obligations on the company to pay royalties, taxes, support local communities, and undertake ESG programmes – all of which are already within the company plan.

Jørgen Evjen, Chief Executive Officer of Akobo Minerals, comments:

“Today we have submitted our mining license application to the Ministry of Mines and Petroleum – another milestone for Akobo Minerals. We are still an exploration company, but we create flexibility and options for ourselves with applying for a mining license. We still believe that Akobo Minerals will be a leading player in the Ethiopian mining sector for many years to come, and that we are about to open up a new region for exploration and mining in Ethiopia. Key economic metrics of mining operations at Segele will be released shortly from our scoping study.”

Even though the application is for large scale mining, the current plan to use small scale mining techniques is still valid. A large scale mining license provides more flexibility in yearly tonnage mined, and the length of the mining license period is double that to a small scale mining license.

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