Akobo Minerals’ Segele gold mine opens in Ethiopia

Scandinavian junior Akobo Minerals (US-OTC: AKOBF; FRA: 643) officially opened on Wednesday its Segele gold mine about 700 km southwest of Addis Ababa, marking a milestone in Ethiopia’s developing mining industry.

The inauguration ceremony was attended by Ethiopia’s Prime Minister Abiy Ahmed, which shows the mine’s significance to the nation’s economic and industrial ambitions, Akobo said.

“The Segele mine is a testament to Ethiopia’s vast potential in the mining sector and the importance of international partnerships to realize this potential,” Ahmed said in the statement. “We are proud to see this project reach a significant milestone, benefiting not only the national economy but also the communities around it.”

Akobo, headquartered in Oslo, Norway joins a small number foreign miners and explorers hunting for gold and copper in the east African country. Cyprus-based Kefi Gold and Copper (AIM: KEFI) is developing its US$320-million Tulu Kapi gold mine about 360 km west of Addis Ababa, Allied Gold (TSX: AAUC) is advancing its US$500 million Kurmuk gold mine in the northwest, and  Sun Peak Metals (TSXV: PEAK) holds the Shire gold project in the country’s north near the border with Eritrea. 

The ceremony also included the first symbolic gold pour, with an initial yield of 6.5 kg, which the company says underscores Segele’s high-grade ore quality.

It follows Akobo’s October announcement of its first gold bar production from the site — a 1.4-kg bar smelted from 170 tonnes of lower-grade material, at about 8 grams gold per tonne.

Ethiopia’s gold sector milestone

The Ethiopia-focused Akobo hailed the opening of Segele as a transformative moment.

“The inauguration of the Segele mine is a defining moment for Akobo Minerals. This project is the result of years of dedication, collaboration, and innovation,” CEO Jørgen Evjen said.

Years in the making, the opening of Segele highlights the role of international expertise and investment in unlocking Ethiopia’s mineral wealth, the executive noted.

In addition to its contribution to Ethiopia’s gross domestic product (GDP), the Segele gold mine is expected to bring significant benefits to the local community. Akobo Minerals emphasized its commitment to sustainable practices, including the creation of jobs, infrastructure development, and environmental stewardship.