Name of the Project
Segele gold project.

Location
Ethiopia.

Project Owner/s
Scandinavian gold exploration and mining company Akobo Minerals.

Project Description
The Segele mine started operating in November 2024, having produced 15 kg of gold in the quarter ended December 31. This production was achieved from the mine’s development activities rather than direct mining of the orebody.

Akobo Minerals has since announced a new mine development plan to accelerate the production and commissioning of a processing plant at the mine.

The three-phase mine development plan has been designed to substantially increase ore production and enhance operational efficiency.

Phase 1 of the new mine plan will involve increased production from existing winzes and optimised operations, while the second phase will comprise construction of a vertical shaft and commissioning of a carbon-in-leach system. 

Akobo has been focusing on the comprehensive development of the Eastern winze deposit, which is crucial for facilitating future production. The primary emphasis has been on the development of the prospect drive, which will connect the Eastern and Western winzes.

The vertical shaft will provide access to the project’s indicated resource of 41 000 oz at an average grade of 40.6 g/t. 

The third phase will entail incline shaft development to access deeper sections of the orebody and facilitate underground drilling for further exploration once the vertical shaft is operational.

The company is targeting gold recovery rates of more than 90%.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
None stated.

Capital Expenditure
Total capital expenditure for establishing the mine plant is estimated at $8-million.

Planned Start/End Date
The processing plant was commissioned in July 2024. First gold concentrate at the project was produced in August 2024 and the first gold bar in October 2024.

Latest Developments
Akobo Minerals produced about 7 kg of doré gold in October, exceeding its monthly target of 5 kg.

Cumulative doré production to date is about 58 kg.

Akobo has reported that mobilisation and site preparation for the vertical shaft are under way, while headgear fabrication is on schedule. Load testing is planned for November, with packing and shipment to site expected by the end of November.

Of the total 60 m planned in Phase 1 of the shaft development, 15 m have been completed, with an additional 15 m to 20 m expected before reaching hard rock.

Key Contracts, Suppliers and Consultants
Peacocke and Simpson (metallurgical testwork); IW Mining (mining contractor); Solo Resources (processing plant); and Sutton Global (mine development plan).

Contact Details for Project Information
Akobo Minerals, tel +47 92 80 40 14 or email info@akobominerals.com.