Akobo Minerals Prepares First Export, Debt Refinancing After Record Segele Quarter

Betegbar Yaregal

#EBR_News Sep 30, 2026

Akobo Minerals, the Swedish-registered company operating the Segele gold mine in Ethiopia, expects to make its first direct gold export in October or November as it prepares a refinancing of its debt, its chief executive officer told Ethiopian Business Review. 

Jørgen Evjen said the shipment depends on the final onboarding process with an LBMA-approved refinery. It will likely be a small test consignment of 10 to 20 kg of gold, worth roughly USD 1.5 million to USD 3.0 million at current prices.

Evjen said the value of the first shipment is less important than the route it establishes. “Successfully establishing a direct export route is an important milestone for both Akobo and Ethiopia’s mining sector,” he told EBR. 

According to the company’s presentation published on 30 September, Akobo has already secured export approval from the National Bank of Ethiopia, an operational offshore account with Standard Bank, and permission to retain 70 percent of export proceeds in US dollars.

The push follows a record second quarter. According to the presentation, doré production reached about 37 kg and sales hit USD 6.1 million, with the average recovered grade rising to 38.5 grams per tone. EBITDA (earnings before interest, tax, depreciation and amortization) was USD 4.3 million, and the margin climbed to 71 percent from 44 percent in the first quarter.

The company estimates about 35 kg of doré in the third quarter at a grade of around 30 grams per tone. Evjen described the second-quarter grade as exceptional and said grades naturally fluctuate as different parts of the orebody are accessed. He said a range of 20 to 25 grams per tone would offer a good balance between stability, flexibility and processing efficiency over time, and that the company blends material from different areas and stockpiles to reduce volatility.

On debt, the presentation said Akobo has repaid about USD 7.0 million to its gold-loan lender, Monetary Metals, in 2026, and that the outstanding loan stands at 9,444 ounces. Preparations for a restructuring with Verdant Capital are continuing, with an official launch expected in October. 

Evjen said the aim is to simplify the balance sheet, lower financing costs and set a repayment schedule in line with the mine’s cash generation. He declined to disclose terms while talks continue but said the Monetary Metals loan is expected to form part of the refinancing, and that the lender may also take part in the new structure.

Growth depends largely on the vertical shaft. Evjen said the project is nearing the point where the first lateral development can begin, and that once fully operational it should support output of up to 50 kg of gold a month, roughly five times current levels. He put the total investment at about USD 2 million. The main risks, he said, are ground conditions, equipment availability and construction progress, and so far softer ground than expected has required extra support and longer curing times. 

The presentation also noted that visible gold has been seen during shaft development and that mineralization has been observed beyond parts of the current resource model. 

The company cautioned that these observations need further evaluation and are not part of the current estimate of about 40,000 ounces of Indicated Mineral Resource at an average of 40 grams per tone.

Regulatory approvals are the other near-term test. The presentation said the mining license renewal is ongoing and that the Gilo exploration license is awaiting a final environmental and social impact assessment review. Evjen said talks with the authorities have been constructive and that he expects both to be concluded before the end of October, although the final timing depends on the formal approval process.