South African company, IW Mining has been appointed by Akobo Minerals to be mining contractor for Segele mine in Ethiopia.
The firm has been tasked to operate the underground mine. In line with Akobo’s environmental, social and governance (ESG) guidelines, IW Mining will recruit and train Ethiopian personnel to work at the Segele mine. Mining is expected to start in October, with first gold extraction to begin in the first quarter of 2023.
Akobo says considerable planning and preparation have been undertaken together with IW Mining for the last few months ahead of the signing of the agreement.
Mobilization of skilled team
Sourcing of mining equipment has already begun and first shipments are to be dispatched imminently. IW Mining will mobilize an experienced mining team from South Africa that will travel to Segele within weeks.
“We are now ramping up activities in all areas for preparation of mining operations. With the newly secured convertible loan and signing of Solo Resources on plant design and production in May, all tasks are on track,” said Akobo.
Solo Resources has already completed design work, and the process plant is now under fabrication and deliveries of the parts will begin shortly. The final project funding is also moving forward with several positive dialogues ongoing.
Jørgen Evjen, CEO of Akobo Minerals, commented, “Getting IW Mining on board was the last piece of the puzzle. Together with Solo Resources for the plant production we have now secured all necessary expertise to start mining. Our companies share the same values and philosophy, delivering responsible and world class projects.”
Ian Lowers, CEO of IW Mining Services, added, “Our aim has always been to provide a level of service that exceeds the normal contractual Scope of Work. For IW Mining Services this contract in Ethiopia with Akobo Minerals is an important milestone in line with our growth strategy. IW Mining Services has committed itself fully to ensuring the success of this unique project by being a responsible partner in mining innovation. Our belief is that this mining project is the beginning of a strategic multi party partnership in Ethiopia between Akobo Minerals and IW Mining Services.”