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Segele gold project, Ethiopia – update

Image of a core inspection at the Segele project

Photo by Akobo Minerals

5th August 2022

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Segele gold project.

Location
Ethiopia.

Project Owner/s
Scandinavian gold exploration and mining company 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, almost 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-million.

Planned Start/End Date
Mining is expected to start in October, with first gold extraction to begin in the first quarter of 2023. Full production is expected to be reached by the end of the second quarter of 2023.

Latest Developments
Akobo Minerals has reached an agreement with South African company IW Mining to operate the Segele mine.

In line with Akobo’s environmental, social and governance (ESG) guidelines, IW Mining will recruit and train Ethiopian personnel to work at the Segele mine.

Sourcing of mining equipment has already started and first shipments are to be dispatched imminently. IW Mining will mobilise an experienced mining team from South Africa that will travel to Segele within weeks.

Akobo is now ramping up activities in all areas for preparation of mining operations.

With the newly secured convertible loan and signing of Solo Resources on plant design and production in May, all tasks are said to be on track.

Solo Resources has already completed design work, and the process plant is now under fabrication and deliveries of the parts will start shortly.

The final project funding is also moving forward with several positive dialogues ongoing.

Key Contracts, Suppliers and Consultants
Peacocke and Simpson (metallurgical test work); and Solo Resources (processing plant).

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

Edited by Creamer Media Reporter

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