Akobo Minerals has acquired three second-hand Diamec 262 drill rigs, including spare parts, from Swedish drilling equipment manufacturer Protek Norr AB.
In addition to the three core rigs, the deal includes three electricity-powered hydraulic units, several spare rotation units, extra core winches and one pallet of spare parts. Akobo Minerals said the acquisition will enable it to “continue its low-cost operations” while having the flexibility to expand its exploration programme at a “much higher pace.”
“Cost-efficient and fast core drilling is critical to success in mineral exploration,” the company said, explaining that its ability to operate high production low-cost drilling has been critical in the success of its mining operations in Segele, Ethiopia.
“This acquisition enhances the company’s resilience in exploration drilling in addition to expanding overall capacity. It is anticipated that this development will be of considerable value in discovering the exciting potential of the licenses at the Akobo Project,” it continued.
Akobo Minerals AB
The value of the total order was SEK 400,000 (US$43,890); the drill rigs can drill down to 300 metres depth, and Akobo Minerals said they will be phased into its operations by the middle of 2022.
Akobo Minerals AB (publ), is a Norway-based gold exploration and mining company listed on the Euronext stock exchange in Oslo, under the ticker AKOBO, currently with ongoing exploration and mine development in the Gambela region and Dima Woreda, southwest Ethiopia.
The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds a mining licence and an exploration license over key targets in the area. Economic mineralisation was discovered and the company is engaged in mining studies to advance the project to production, alongside exploration core drilling.