Akobo Minerals has appointed SpareBank 1 Markets AS as financial adviser for Segele mine development in Ethiopia. This follows the stone foundation that was laid to mark exploration for the mine development.
The financial adviser will work closely with Akobo to explore relevant funding opportunities such as equity, bank debt and offtake agreements, along with other strategic options that are available to the Company in order to conduct and execute financing for the project.
“The announcement of our partnership with SpareBank 1 Markets AS to seek new additional funding for the company is a major next step in the development of our mining operation towards pouring of first gold by the end of the year,” said CEO Jørgen Evjen, Akobo Minerals CEO.
Segele mine development
Construction of the small-scale plant project will commence as soon as financing is in place, with initial production start-up – and gold producing operations – expected before the end of 2022, the Scandinavian-based Ethiopian gold exploration and mining company said.
“We have also secured long-term licenses and relationships with local and national authorities, as well as establishing a significant collaboration with Oromia Bank to develop new mining ventures in Ethiopia. We are proud to have met all of our scheduled strategic milestones since the company went public on the Euronext Growth Oslo in June 2021, the latest of which was the laying of the foundation stone for our mine in early March 2022,” Jørgen said.