Precious Metals
Ethiopia’s Sovereign Investment Fund Acquires Stakes in Akobo Minerals
Scandinavian-based gold mining firm Akobo Minerals has secured $3 million from Ethiopian Investment Holdings (EIH) – the Sovereign Investment Fund of Ethiopia – through a private placement.
EIH will obtain a 7.4% stake in Akobo Minerals as part of the deal, with the funding set to finance the construction of a new vertical shaft at Segele Gold Mine in Ethiopia. Akobo Minerals aims to increase the mine’s monthly gold output from between five to 10 kg to between 50 and 80kg. The capital will also expand the firm’s exploration activities.
“Our investment in Akobo Minerals represents a historic and strategic breakthrough for Ethiopia’s economic expansion. As our first international mining stake, it reflects our 3D strategy—we diversify our investment portfolio, drive long-term innovation, and deliver benefits for the nation,” stated Brook Taye, CEO of EIH.
Jørgen Evjen, CEO of Akobo Minerals, added “By investing in Akobo Minerals in the same way as EIH, Ethiopian stakeholders can take part in the growth and success of one of the country’s most promising sectors.”
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