Addis Abeba – Akobo Minerals, the Scandinavian-based Ethiopian gold exploration and boutique mining company, Ethiopia’s Sovereign Wealth Fund, Ethiopian Investment Holdings (EIH), has made its first-ever international investment, acquiring a 7.4% stake in Scandinavian-based Ethiopian gold producer Akobo Minerals, according to Akobo.
The investment, valued at USD 3 million, was executed through a private placement of 15,000,000 new shares at USD 0.20 per share, Akobo Minerals said on Monday in a statement sent to Addis Standard.
The capital will be used to construct a new vertical shaft expected to increase monthly gold production from the current 5–10 kilograms to between 50–80 kilograms.
Brook Taye(PhD), CEO of EIH, described the deal 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. Akobo’s sustainable approach and expertise make it the perfect partner for this milestone,” Brook said.
The agreement also marks Ethiopia’s return to the global stock market for the first time in more than a century. EIH said the move is part of its broader mandate to diversify the country’s investments and integrate Ethiopia into global financial markets.
Read More