Akobo achieves first revenue-generating quarter
Euronext- and Frankfurt-listed Akobo Minerals reported its first revenue-generating quarter, with an income of SKr10.6-million for the fourth quarter of 2024, not including 2.3 kg gold produced in December and smelted in the beginning of January.
The company reported on March 27 that it had covered a large part of its operating cost in the quarter, holding a cash position of SKr28.3-million.
The company said an unprecedented high gold price significantly boosted the Ethiopian Segele project’s cash flow potential.
Akobo also said its collaboration with Sutton Global was strengthening, with progress on vertical shaft design, preparation and site establishment moving forward.
The company said continued efforts were under way to support the development of the vertical shaft, with a focus on securing the necessary funding for this critical project, while also evaluating additional funding options to support expansion and long-term growth
In January, Mining Weekly reported that Akobo was collaborating with Sutton Global on a three-phased mine development plan at Segele to accelerate production and commission a full processing plant, including a carbon-in-leach system.
Akobo also announced that board member Helge Rushfeldt would be resigning to pursue new opportunities, while Kobus Byleveldt, with 40 years of mining expertise, had joined from Sutton Global and was already actively contributing as the project and site manager in Ethiopia.
Meanwhile, Tamiru Hailu Zemedehun has succeeded Tesfaye Medhane as Akobo subsidiary Etno Mining’s GM. Medhane has made significant contributions to the development of the Segele mine and the growth of Etno Mining.
Akobo reported that the production in the first two months of 2025 was lower than anticipated. However, the company insisted that there was no need to reevaluate overall ambitions.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
