Ethiopia’s $500 Million Kumruk Gold Mine Is Days From a Historic First Pour - Addis Insight

AI desk brief

Allied Gold says Ethiopia’s Kurmuk mine is in the final stages of commissioning after connecting to the national grid and crushing first ore, with first gold pour expected shortly. The project is designed for average output of about 290,000 oz/yr in the first four years, or roughly 9 tonnes annually, which would make it a meaningful new source of formal Ethiopian gold supply once ramp-up is complete.

Management says roughly 1 million tonnes of ore are already stockpiled, with inventory expected to rise to nearly 1.5 million tonnes before full-circuit commissioning is finished. The mine carries an estimated US$500 million pre-production development cost, has 2.7 million oz of Proven and Probable Reserves, and benefits from relatively low-cost grid power under a 20-year PPA at about US$0.04/kWh.