Akobo Minerals, a Norway based gold exploration and mining company, will start production after three months. The company is expected to generate USD 100 million annually once it becomes fully operational.
The mining company focuses on projects along the Akobo river in southwestern Ethiopia. It received its first exploration license over 10 years ago which has now been converted into a mining license for part of the exploration license area. Akobo Minerals is led by a management team which is based in Norway and Sweden while its local team comprises of 40 Ethiopians.
Modern mineral exploration began in Ethiopia in the late 1890’s by foreign companies. Gambella, Benishangul Gumuz, Oromia, and South West Ethiopia are known for their gold resources. Gambella Regional State’s Akbobo narrow greenstone sub-belt is labeled a high potential target for gold exploration by the Ministry of Mines.
Ethiopia earned USD 560 million from gold during the 2021/2022 fiscal year.