By: Global mining review

Akobo Minerals AB has announced final gold production of 10 kg for November 2024, surpassing earlier estimates of 8 kg. This follows the completion of all smelting operations for the month.

Combined with October’s production of 2.8 kg, the total for the past two months is 12.8 kg.

November month marks a significant milestone as the company has successfully covered its operational expenses for the first time. While Akobo may continue to see some variation in production as it further scales operations, this is an important first step in achieving stable and sustainable performance.

Updated production highlights

• November production: 10 kg of gold smelted.
• October production: 2.8 kg of gold smelted.
• First gold bar sale: The first gold bar, weighing 1.4 kg, was sold to the National Bank of Ethiopia (NBE) in exchange for local currency (ETB) at an approximate value of US$2500/oz.
• Operational cost coverage: November's production successfully exceeded expectations and covered all operational expenses for the month.
• Mining operations: First raise blasting was completed, and stoping activities commenced, allowing access to higher-grade ore zones.