AKORA Resources (ASX: AKO) has been granted a mining permit for Stage One of its flagship Bekisopa high-grade iron ore project in Madagascar, as well as over any future operations based on a Stage Two inferred magnetite resource.
The permit has been registered with the Bureau du Cadastre Minier de Madagascar (BCMM) in accordance with the Malagasy Mining Code and is valid for 25 years, providing long-term tenure over an area of approximately 25 square kilometres.
It forms a value-creating and de-risking milestone for Bekisopa, enabling AKORA to advance the project from exploration to development and mining and accelerate initiatives with strategic funding partners, banks and offtake financiers.
The company believes the granting of the mining permit reflects the project’s strength alongside AKORA’s disciplined stakeholder engagement and strong support from the Malagasy government.
Unlocking Project Potential
Managing director Peter Bird said the mining permit grant was a transformational achievement for the project and the company.
“This is a major step in unlocking the full potential of Bekisopa that enables us to accelerate engagement with strategic partners, secure project financing, advance feasibility planning, and expand our community and stakeholder initiatives,” he said.
“Bekisopa’s value is immense, starting with a low-cost direct shipping ore (DSO) operation and potentially growing into a world-class, high-grade iron ore project underpinned by an exploration target of up to 1 billion tonnes.”
“This milestone positions us to deliver significant shareholder value while delivering real tangible economic and social benefits in Madagascar.”
New Leadership Support
Mr Bird acknowledged Madagascar’s new leadership regime as demonstrating a clear commitment to building a sustainable investment-ready mining sector.
“The efficient granting of our mining permit reflects the focus of the government to deliver long-term prosperity and meaningful benefits to the people of Madagascar,” he said.
AKORA’s recent mapping and trenching program at Bekisopa broadened the high-grade iron mineralisation outside of the project’s known mineral resource.
A total of 365 samples delivered further easily-accessible DSO from surface and within the weathered oxidation zone between the existing south and central resource zones, which had not been previously drilled.
The results reinforced strong upside to expand the project’s indicated DSO resource footprint.
