Akobo’s November production covers costs
Scandinavia-headquartered and Ethiopia-focused gold exploration and mining company Akobo Minerals produced an estimated 8 kg of gold in November.
This includes 6.5 kg of gold already smelted and about 1.5 kg of additional gold processed but not yet smelted.
Combined with October’s production, the estimated total for the past two months reaches close to 11 kg. There were 2.8 kg of gold smelted in October.
Akobo currently holds an exploration licence covering 182 km2 and a mining licence covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia.
“November month marks a significant milestone as the company has successfully covered its operational expenses for the first time. While we may continue to see some variation in production as we further scale operations, this is an important first step in achieving stable and sustainable performance,” the company highlights.
The first gold bar, weighing 1.4 kg, was sold to the National Bank of Ethiopia in exchange for local currency (ETB) at an estimated value of $2 500 /oz.
First raise blasting was completed and stoping activities commenced, allowing access to higher-grade ore zones.
Looking ahead, Akobo says the focus remains on optimising throughput and minimising gold loss as it ramps up operations further.
The introduction of stoping activities into high-grade zones is expected to position the company for consistent, high-grade production in the coming months.
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