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An announcement from Akobo Minerals AB ( (DE:643) ) is now available.
Akobo Minerals has temporarily scaled back operations at its Segele gold mine in Ethiopia due to constrained diesel availability caused by global fuel supply disruptions and reduced tanker traffic through the Strait of Hormuz. The company is maintaining operational readiness and expects a diesel shipment to reach the site in early May, allowing for a rapid remobilisation once fuel deliveries stabilise.
Management stressed that the disruption does not impact Segele’s mineral resources, underground infrastructure or the long-term development plan for the mine. Akobo says it has sufficient liquidity to withstand the short-term interruption and is maintaining constructive dialogue with key stakeholders, signalling that the setback is operational rather than strategic in nature.
The Segele mine remains a core high-grade asset, supporting Akobo’s position as an emerging gold producer in Ethiopia’s mining sector. With the mineralised system still open at depth and additional exploration targets in its licence area, the company’s broader growth prospects appear intact despite the temporary fuel-related slowdown.
More about Akobo Minerals AB
Akobo Minerals AB is a Scandinavian-based gold producer and explorer with more than 15 years of operations in Ethiopia. The company holds an exploration licence over 182 square kilometres and a mining licence over 16 square kilometres in the Gambela region and Dima Woreda, focused on the high-grade Segele gold deposit and other targets with significant growth potential.
The Segele mine hosts an Indicated and Inferred Mineral Resource of about 69,000 ounces of gold at an average grade of 22.7 grams per tonne, with the system remaining open at depth. Akobo emphasizes ESG principles, strong community and government relations, and compliance with the JORC Code, and its shares are listed on Euronext Growth Oslo, the Frankfurt Stock Exchange, and trade on the U.S. OTC Pink Market.
Average Trading Volume: 320,978
Current Market Cap: NOK415.4M
For an in-depth examination of 643 stock, go to TipRanks’ Overview page.