(Kitco News) – Akobo Minerals announced Saturday that at a signing ceremony on the 30th of September 2021, the company received its large scale mining license from the Minister for Mines and Petroleum of Ethiopia.
According to the company’s statement, the award of the mining license allows Akobo Minerals to begin mine development activities leading to eventual gold production.
“With a first mover advantage and favourable small-scale mining economics shown in a scoping study, the company is well placed to begin the first gold mine in Southwestern Ethiopia,” the company said.
The company added that the new mining license is surrounded by a highly prospective exploration license also held by Akobo Minerals where the company is aiming to discover between 1.5 to 2 million ounces of mineral resources.
Akobo Minerals is a Norway-based gold exploration company with an ongoing exploration and small-scale mine development in the Gambela region and Dima Woreda, southwest Ethiopia.
Akobo Minerals is transforming its organisation to support an increased pace of core drilling. At both the key targets Segele and Joru the company has so far released exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t.
A scoping study for Segele includes an up-front capital expenditure of USD $8m and all-in sustaining cost of USD $243 per ounce of gold produced.
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