Ethiopia-focused mining company Akobo Minerals has signed an agreement with Swiss precious metals fabricator MKS PAMP for various gold refinery-related services.
MKS will provide turnkey refining solutions to Akobo, including collection of doré, which is the semi-pure alloy of gold to be produced at Akobo’s Segele mine, and managing transportation of the gold through Addis Ababa and to MKS’s refinery in Switzerland for further purification.
Other MKS services will include assaying, hedging and delivery of metal bars to customers globally.
Akobo selected MKS as a preferred partner owing to its strong environmental, social and governance (ESG) credentials, including a commitment to reduce its carbon footprint and its traceability solution called Provenance. The solution uses blockchain technology to trace precious metals along the supply chain and guarantee responsible sourcing globally.
The desire by customers worldwide to purchase gold from ethical sources is increasingly important, while Akobo prides itself on the lengths it goes to produce ethical gold from its Segele gold deposit.
Akobo CEO Jørgen Evjen comments the agreement with MKS marks another step towards production at the Segele mine.
“We pride ourselves on ensuring that every step in our gold exploration and mining activity is undertaken while adhering to the highest levels of ethics and transparency – as part of our award-winning ESG programme.
“MKS has demonstrated over the years a strong dedication to maintaining the same high ethical and transparent standards in its operations, making it the ideal fit for our mutual goals,” Evjen adds.
MKS has London Bullion Market Association-accredited operations, which means it meets strict quality and integrity standards to ensure the production of good delivery bars, which are widely accepted in the global bullion market. These refineries are subject to regular audits and inspections to maintain their accreditation.