Akobo Minerals secures funding for Segele development

The net proceeds from the loan facility, secured through its wholly-owned subsidiary, Abyssinia Resources Development AS, will ensure that Akobo Minerals has the financial strength to accelerate the final phase of its mine development at Segele. Gold production is on-track to commence in early 2023.

Jørgen Evjen, CEO of Akobo Minerals, stated:

“This financing agreement with Monetary Metals gives Akobo Minerals exactly what we were looking for – a loan facility that will take us through to completion of our mine and the start of gold production, while at the same time ensuring a minimal dilution of equity for our shareholders. We can now look forward to mining and production in the new year with renewed confidence.

“Furthermore, the deal with Monetary Metals shows a strong international endorsement of our gold exploration and mining project in Ethiopia. We have greatly enjoyed working with them through the process, which included taking them on a site visit to Segele to show them our developing mining operation.”

Keith Weiner, CEO of Monetary Metals, said:

“Jørgen and Akobo’s management team presented us with a professional approach to running the business. Couple that with a remarkable gold deposit at Segele, and you have a very compelling economic proposition.”

Read the article online at: https://www.globalminingreview.com/mining/10112022/akobo-minerals-secures-funding-for-segele-development/