Scandinavian gold producer Akobo Minerals, which owns gold operations in Ethiopia, progressed mining operations in March, starting with lower-grade ore and reaching higher-grade material toward month-end, the company says in an operational update for the month.

Smelting has been temporarily delayed owing to a critical part failure with the electrowinning unit. Ore continues to be mined and stockpiled and replacement panels are being shipped and will be installed shortly.

The high-grade orebody at the Segele gold mine at the 575 level, previously referred to as Stope 01, was reached in the final days of March, with an estimated average grade of 75 g/t.

Work is ongoing to improve camp and site water logistics by connecting wells via pipeline to the water systems at both locations.

Gold is trading at all-time highs, providing a favourable market backdrop and supporting strong future cash flow, the company points out.

While global markets face uncertainty owing to tariffs and trade tensions, the gold price remains resilient, it adds.

Meanwhile, Akobo has engaged SpareBank 1 Markets to assist in identifying and securing appropriate financial solutions.

The evaluation of available alternatives is ongoing, with the objective of selecting a structure that best supports the company’s operational development and long-term objectives.

OPERATIONAL
During March, a multidisciplinary team from Sutton Global, including shaft sinking experts, engineers and processing specialists, spent several days on site.

Key areas of focus included identifying the optimal location for the planned vertical shaft. The site offers easy access, and the experts expressed confidence in the geological and logistical conditions, Akobo says.

There was also focus on continuing the design and costing phase in preparation for initial works on site; assessing plant optimisation opportunities and delivering targeted training to the processing team; and supporting early-stage planning for the construction of a new tailings storage facility, in line with long-term environmental and operational requirements.