Akobo’s Segele in Ethiopia is WhyAfrica’s Pick Of The Week
Akobo Minerals has appointed South African contractor IW Mining to operate the underground mine at Segele, Akobo’s highly prospective gold deposit in Ethiopia.
It is now all systems go at a project that will benefit the country of Ethiopia immensely. The Ethiopian government has been involved in a civil war with the Tigray People’s Liberation Front (TPLF) in the north of the country since early 2020.
Despite political uncertainties, Akobo forged ahead and is now ramping up activities in all areas for preparation of mining operations. In addition to signing an agreement with IW Mining, a new, secured convertible loan is in place, and the company has appointed another South African based company, Solo Resources, to design and build the processing plant.
According to Jørgen Evjen, CEO of Akobo Minerals, Solo Resources has already completed design work and the process plant is now under fabrication and deliveries of the parts will begin shortly. “The final project funding is also moving forward with several positive dialogues ongoing,” says Evjen.
Rustenburg headquartered IW Mining is an experienced mining contractor with years of hard-won underground mining experience in the tough South African mining arena.
In line with ESG guidelines
The agreement between Akobo and IW Mining secures Akobo Minerals access to personnel and competence for mining of the Segele gold ore according to the following timeline:
- Mining to commence in October 2022
- First fold extraction to start in quarter one of 2023
- Full production expected to get underway by the end of quarter two of 2023.
Evjen says that substantial planning and preparation have already been undertaken with IW Mining for the last few months ahead of the signing of the agreement. He says that the sourcing of mining equipment has begun, and first shipments are imminent. IW Mining will mobilise an experienced mining team from South Africa that will travel to Segele within weeks.
“Getting IW Mining on board was the last piece of the puzzle. Together with Solo Resources for the plant production we have now secured all necessary expertise to start mining. With IW Mining and Solo Resources guiding us through the next phase of development I am sure we will succeed with our plans. Our companies share the same values and philosophy, delivering responsible and world class projects,” says Evjen.
According to Ian Lowers, CEO of IW Mining Services, their aim was to provide a level of service that exceeds the normal contractual Scope of Work.
“For IW Mining Services this contract in Ethiopia with Akobo Minerals is an important milestone in line with our growth strategy. IW Mining Services has committed itself fully to ensuring the success of this unique project by being a responsible partner in mining innovation. Our belief is that this mining project is the beginning of a strategic multi party partnership in Ethiopia between Akobo Minerals and IW Mining Services,” says Lowers.
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