The government of Madagascar has resumed processing mining permit applications lodged by Akora Resources Ltd (ASX:AKO).
“Akora is pleased this positive action by the Malagasy Government has been taken,” said Akora managing director Paul Bibby.
“We were confident that this would happen and now are even more encouraged to progress our work programs at Bekisopa, Satrokala and Tratramarina.
“Akora’s tenements are in good standing, and we will work with the Malagasy Mining Ministry and the BCMM to ensure they are processed.”
Restarting the process
The Malagasy Council of Ministers approved the Ministry of Mines and Strategic Resources to restart the process.
The permits include PREs (small-scale mining licences), PRs (exploration licences) and PEs (mining exploration licences) and are pending with the Mining Cadastre Office of Madagascar (BCMM).
At the same time, the status of the Extractive Industries Transparency Initiative (EITI) in Madagascar has been upgraded under the technical supervision of the Ministry of Mines and Strategic Resources and financial supervision of the Ministry of Economics and Finance.
The company believes EITI’s changed legal status confirms the Malagasy Government’s commitment to global standards, improved transparency and accountability in the mining sector.
Akora’s 12 tenements are all with the BCMM and all annual administration fees have been paid up to date.
The company controls three small-scale licences, including tenement PRE 3757 on Bekisopa’s main strike, and nine exploration licences, including tenement PR 10430, which is the main Bekisopa project tenement.
Green steel future
Akora has plans to feed the green steel future with iron ore from its prospects in Madagascar, which include the Bekisopa, Satrokala, Tratramarina and Ambodilafa projects.
The company is in possession of some 308 square kilometres of land holdings across three prospective exploration areas.
The flagship Bekisopa Iron Ore Project is a high-grade iron ore project with a strike length in the vicinity of 6 kilometres and an inferred resource of 194.7 million tonnes.
Bekisopa has outcropping and weathered zone DSO iron ore and the potential to produce a premium grade +68% iron concentrate suitable for Direct Reduced Iron pellets used in green steel.