Name of the Project
Segele gold project.

Location
Ethiopia.

Project Owner/s
Akobo Minerals.

Project Description
A scoping study has confirmed the potential economics of the project.

Akobo Minerals is planning to mine the gold mineralisation using methods such as shrinkage stoping. Ore will be brought to surface using an incline shaft.

At peak production, just under 6 000 t a month of rock will be mined and this material will be fed into an industry-standard crushing and gravity circuit, with cyanidation where necessary.

The mine life is estimated at 27 months.

The company plans to buy a plant capable of processing 20 t/h, but will initially operate it at 10 t/h. The mine plant will be a turnkey solution comprising a grinder, concentrator and cyanide leach containers.

Akobo will manage the processing plant, but will appoint a mining contractor to do the mining.

The plant is expected to extract 90% of all gold in the mineralisation; this will be confirmed by ongoing metallurgical testwork.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
None stated.

Capital Expenditure
Total capital expenditure for establishing the mine plant is estimated at $8-millon.

Planned Start/End Date
Mining operations are expected to start at the end of 2022.

Latest Developments
Akobo Minerals has appointed Norwegian investment bank SpareBank1 Markets to advise on project financing for the company’s Segele project.

SpareBank will work closely with Akobo to explore relevant funding opportunities, including equity, bank debt and offtake agreements.

As soon as financing is in place, Akobo will build a small-scale plant for initial gold production before the end of the year.

Key Contracts, Suppliers and Consultants
Peacocke and Simpson (metallurgical testwork).

Contact Details for Project Information
Akobo Minerals, tel +47 92 80 40 14 or email info@akobominerals.com.