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. Zemedehun 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. 