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Ethiopian sovereign wealth fund backs gold miner

  • August 14, 2025
  • Dagmawi Zeleke

Ethiopian sovereign wealth fund backs gold miner

Akobo Minerals, a Scandinavian-based gold producer operating in Ethiopia, has secured an investment from Ethiopian Investment Holdings.

Akobo Minerals, a Scandinavian-based gold producer operating in Ethiopia, has secured an investment from Ethiopian Investment Holdings (EIH), the country’s sovereign wealth fund.

EIH will take a 7.4% stake through the private placement of 15 million new shares at $0.20 each, raising $3 million. It is the first time Ethiopia’s sovereign fund has invested in an international company. The proceeds will finance construction of a new vertical shaft, aimed at lifting monthly output from 5–10kg to 50–80kg.

Dr. Brook Taye, CEO of EIH, commented: “Our investment in Akobo Minerals represents 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. Akobo’s sustainable approach and expertise make it the perfect partner for this milestone.”

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