Akora Resources (ASX: AKO) has achieved a significant milestone with the renewal of the primary tenement, PR10430, for its Bekisopa direct shipping iron ore development in Madagascar. This renewal, granted by the Madagascan Mining Ministry, marks the first tenement renewal in the country for several years under the updated mining code. Akora has also applied for the renewal of tenement PRE3757 in the northern section of the Bekisopa project area, with plans to renew other tenements later this year.
According to Akora’s Managing Director, Paul Bibby, this renewal is crucial for both Akora and the Madagascan mining industry, which has received support from the World Bank and positive governmental initiatives. A recently released pre-feasibility study (PFS) highlighted the economic viability of the Bekisopa project, estimating a potential output of 2 million tonnes per annum of 61.6% iron ore. The PFS also projects strong financial returns, including a net present value of $233 million and an internal rate of return of 86%. Akora is targeting a final investment decision by mid-2026, with the first ore shipment anticipated in Q3 2027. The company recently increased its mineral resource indicated tonnage estimate to 8.5Mt at 55.4% iron, from 4.4Mt at 60.9%.
