The Malagasy Ministry of Mines has confirmed its support of Akora Resources’ (ASX:AKO) Bekisopa Iron Ore Project in Madagascar, after hosting meetings in Perth and Madagascar.
In early September 2024, Akora’s Managing Director Paul Bibby and Chairman Graeme Hunt met with the Malagasy Minister of Mines Olivier Herindrainy Rakotomalala (main picture with Bibby) and his delegation at the Africa Down Under Conference in Perth.
At the conference, the Minister of Mines outlined the progress achieved to date by the Malagasy Government on updating the mining code, implementing procedures, and the country’s mineral wealth, exploration, and mining operations, as well as the associated investment occurring in Madagascar.
Following these meetings, the Ministry of Mines requested Bibby to visit Madagascar and progress further discussions.
Akora, which has a market capitalisation of $16.86 million, says the Ministry of Mines sees its Bekisopa Iron Ore Project as a key project for Madagascar with near-term development potential.
During the end of September, discussions were held in Antananarivo and focused on activities required to progress Bekisopa towards a final investment decision.
Akora says with a Prefeasibility Study (PFS) due for completion and then to be announced early next year, the key points of interest and discussion related to preparing and shipping a trial or bulk representative iron ore sample for value in use testing by major steelmakers. This is considered a necessary activity to validate Bekisopa direct ship iron ore by the steel industry.
The company adds Akora and the Ministry of Mines also discussed the necessary steps and timing for upgrading the project’s current exploration permits alongside granting a mining permit.
Bibby says the meetings with the Minister of Mines and key government advisors was “positive”.
“During our meetings the department confirmed it was open and welcoming to foreign business and would continue to work closely with Akora to ensure the Bekisopa Project received appropriate support to ensure favourable economic, environmental, and social outcomes for all stakeholders, particularly the region’s communities,” he says.
“Akora looks forward to working with the Malagasy Minister of Mines and welcomes this progress and support.”
The Malagasy Minister of Mines will work alongside Akora to deliver the key points of interest. The PFS is progressing, alongside environmental and community studies.
The Bekisopa Project, which lies in Madagascar, has a 194.7 million tonne inferred resource with very low impurities, able to produce a premium priced +68% iron concentrate.
To generate cash in the near-term, Akora is advancing plans at Bekisopa to produce up to 2 million tonnes per year over the first five years of a 60% iron average grade direct shipping ore for shipping to Blast Furnace-Basic Oxygen Furnace steelmakers.
Akora Resources is an Australian resources company focused on the development of its four iron ore projects in Madagascar.
It is also one of the 50 companies so far confirmed to be presenting at the Noosa Mining Conference, which is being held at the Peppers Noosa Resort from 13-15 November 2024.
Last year’s November event attracted more than 1,000 attendees in-venue and online. Equity Events General Manager Phil Dickson told Mining.com.au delegate numbers are again expected to be in excess of 500 in person and online this year.
Mining.com.au is an official media partner for this year’s Noosa Mining Conference. Click here to register.
Write to Aaliyah Rogan at Mining.com.au
Images: Akora Resources
