Modern Mining February 2022

GOLD

by supporting them with its own experience to help them to deliver modern financial services for the Ethiopian mining sector. Aligning management, community & ESG initia- tives Akobo Minerals’ experienced Scandinavian management team is working closely with the local workforce to build a world class mining business. Although the primary purpose of Akobo Minerals is to explore for and find gold, it realises that it has a responsibility to the community in which it operates. “Our aim is to become a world class mining oper- ation, with a business strategy that focuses on values as well as value. For example, we have placed envi- ronmental social and governance issues at the heart

activities there. Looking further into the future, we are very excited about the numerous other targets in the license area, in addition to the current operations sites,” says Evjen. Financing the road to gold production Akobo Minerals is an equity-financed company, with no external debt. “It is fortunate that we have long-term relation- ships with our shareholders who have supported the company since its inception. As operations expand, we will be looking to raise further equity and other offtake solutions to fund development,” says Evjen. As an innovative mining company, Akobo Minerals is also looking at further activities which include potentially partnering with Ethiopian banks

Systematic trenching performed.

Right: Community interest for new airstrip.

Akobo Minerals Akobo Minerals first began operations in 2009, but the company really took off from 2019 when a new management team, an injection of funding and a strategy for growth propelled it forward. Akobo Minerals determined that by working in and with the community it could take the available local knowledge and – in combination with the latest technologies – create a long-term successful business. Its success will culminate in gold production commencing by the end of the year. With further plans for expansion in the coming years, the company is enthusiastic about its own development, the mining industry’s expansion in Ethiopia and the opportunities it can bring to the local community.

22  MODERN MINING  February 2022