Akobo Minerals, the Scandinavian-based Ethiopian gold exploration and boutique mining company, has disclosed the discovery of an underground gold ore body at the Segele mine in the Gambella region, concluding a 13-year exploration endeavour.

In a communication relayed to Addis Standard, the company highlighted this achievement as a momentous juncture in its history, positioning itself as "one of few mining companies that have successfully navigated the path from exploration to mining."

As per the provided statement, the Segele mine, situated in the Dima district of the Anuak zone within the Gambella region, boasts one of the world's highest concentrations of gold resources. The ore exhibits an average gold grade of 22.7 grams per ton, translating to notably economical operational expenses, particularly noteworthy given the current gold price nearing $2,000/oz.

Jørgen Evjen, CEO of Akobo Minerals, expressed the significance of this milestone, stating, "After first encountering the mineralisation in the early part of 2020 and now finally hitting this unique discovery underground, it is a significant moment for our organisation and all our supporters out there."

The company is poised to initiate production from the pilot plant, with the commissioning of the main plant scheduled to commence as soon as substantial gold-bearing material is extracted from the mine. In March, Akobo Minerals had announced the interception of visible gold at a depth of 282 metres, along with indications of potential gold mineralisation in various sections along the latest drill hole.