Ethiopia's Sovereign Fund Makes First International Investment in Akobo Minerals

11 August 2025
Addis Standard (Addis Ababa)

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.

Dr. Brook Taye, CEO of EIH, described the deal as a "historic and strategic breakthrough" for Ethiopia's economic expansion.

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"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.

Akobo Minerals CEO Jørgen Evjen welcomed the deal, calling it "a strong validation" of the company's long-term vision at the Segele gold project, where Akobo is engaged in mining and boutique development in the Gambella region, Dima Woreda, in southwest Ethiopia.

"We are honored to be the first international company selected for investment by Ethiopian Investment Holdings," he said. "This milestone paves the way for Ethiopian investors to participate in supporting their own industry, fitting in with the country's broader economic reforms."

The partnership comes amid Ethiopia's push to attract foreign investment in the mining sector, one of the five sectors the government is planning to strengthen its position in the global economy.

Read the original article on Addis Standard.

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