Ethiopian Investment Holdings Acquire Stake in Gold Producer Akobo Minerals
- This marks the first time Ethiopia’s sovereign fund has invested in an international company.
Ethiopian Investment Holdings (EIH), nation’s sovereign fund, makes its first international investment, buying stakes in a Scandinavian-based gold producer Akobo Minerals AB [Euronext and Frankfurt Stock: AKOBO] [OTC: AKOBF].
The investment holdings and the mining company jointly announced the acquisition today, stating:
“EIH will obtain a 7.4% ownership stake in Akobo Minerals through the subscription of 15,000,000 new shares in a private placement towards EIH, at a subscription price per share of USD 0.20, raising total gross proceeds of USD 3,000,000”.
The funds will be used to enable construction of a new vertical shaft that is expected to significantly increase monthly production from 5–10 kilograms to 50–80 kg.
Authorities say the decision to invest in Akobo Minerals signals EIH’s intent to expand beyond domestic markets and gain exposure to high-value international opportunities.
It also marks Ethiopia’s return to the global stock market for the first time in over a century. Akobo Minerals is listed on Euronext Growth Oslo and the Frankfurt Stock Exchange under the ticker AKOBO. It is also traded on the OTC Pink Market under the symbol AKOBF.
Brook Taye, CEO of Ethiopian Investment Holdings, described the investment in Akobo Minerals as “a historic and strategic breakthrough for Ethiopia’s economic expansion”.
“As our first international mining stake, it reflects our 3D strategy – we diversify our investment portfolio, drive long-term innovation, and deliver benefits for the nation,” Brook said. “Akobo’s sustainable approach and expertise make it the perfect partner for this milestone.”
For Akobo Minerals, the latest investment is seen as a strong validation of its operations, financial trajectory, and growth potential. The capital infusion is expected to accelerate mining and exploration projects, fortify the company’s financial position, and enhance shareholder value.
“We are honoured to be the first international company selected for investment by Ethiopian Investment Holdings. This milestone validates the strength of our Segele project and the confidence in our long-term vision,” stated Jørgen Evjen, CEO of Akobo Minerals.
“As the initiator of this investment opportunity, we are also proud to be paving the way for all Ethiopian investors to participate in supporting their own industry,” the CEO said. “This has been a long process maturing over an extended period, and it now fits together with Ethiopia’s broader economic reforms, creating a unique window of opportunity.”
Akobo Minerals has an exploration license covering 166 kilometer square (km²) and a mining license covering 16 km² in Ethiopia’s Gambela region and Dima Woreda. Its Segele mine also boasts an Inferred and Indicated Mineral Resource of 68,000 ounces, with an exceptionally high gold grade of 22.7 g/ton.
Ethiopian Monitor
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