Akobo Minerals issues final November gold production report

Akobo Minerals AB has reached a significant milestone in November 2024, producing 10 kg of gold, exceeding its earlier forecast of 8 kg. When combined with October’s output of 2.8 kg, the total production for the past two months stands at 12.8 kg. This achievement marks the first time the company has successfully covered its monthly operational expenses, a critical step toward sustainable operations.

Report

Within the period of October and November, the firm managed to smelt over 10kg of gold. They sold its first gold bar (1.4 kg) to the National Bank of Ethiopia for approximately $2,500/oz. November’s production not only exceeded expectations but also covered all monthly operational costs.

The completion of initial raise blasting and the commencement of stoping activities allowed Akobo to access higher-grade ore zones, significantly contributing to the increased output. Efforts are underway to further optimise throughput and minimise gold loss during processing.

With the introduction of stoping activities in high-grade zones, Akobo Minerals is well-positioned to maintain consistent, high-grade production in the months ahead. These developments not only bolster the company’s operational performance but also pave the way for its journey toward stable, scalable gold production.

Akobo Minerals is a Scandinavian-based gold exploration and mining company, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. With over 14 years of active operations on the ground, the company has established a strong foothold in Ethiopian gold exploration, now further strengthened with the startup of its Segele mine.