Akobo Minerals achieves first positive Ebitda in the third quarter
Scandinavian gold producer Akobo Minerals has reported revenues of SKr22.9-million and achieved its first positive earnings before interest, taxes, depreciation and amortisation (Ebitda) of SKr6.9-million for the third quarter of this year, ended September 30.
At the end of the quarter, its cash position was SKr31.2-million.
Gold production for the quarter was about 21 kg at 29.7 g/t, taking cumulative production from the company’s Segele mine, in Ethiopia, from the start of production to September 30 to about 51.5 kg. Cumulative production has since increased further to about 65 kg as at November 30.
The company says gold prices remained strong, supporting stable cash flow potential.
The company notes that its cash and unsold gold position have remained strong, with a combined value of about $4.3-million as at November 30.
Meanwhile, Akobo notes that headgear fabrication was completed and the structure shipped from the assembly site.
The company adds that the vertical shaft advanced to 20 m into hard rock, out of a planned 60 m.
Additionally, infrastructure works for the headgear base began, enabling concrete foundation preparation.
The company says the installation of two water treatment plants continued, improving both process water supply and potable water availability on site.
Akobo adds that camp upgrades have progressed, enhancing accommodation capacity and general facilities.
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