Akora Secures Key Tenement Renewal and Appoints New CEO for Bekisopa
Akora Resources has renewed its key Bekisopa exploration tenement and appointed Peter Bird as CEO, strengthening its path toward developing a high-grade iron ore mine in Madagascar. The project enjoys strong local and government support amid infrastructure upgrades.
- Renewal of main Bekisopa tenement PR10430 under updated Madagascan Mining Code
- Appointment of Peter Bird as Managing Director and CEO
- Stage 1 plan to produce 2Mtpa of 61.6% Fe direct shipping ore by mid-2027
- Strong local community and government backing following site visits
- Cash reserves at A$0.33 million with proposed capital raise underway
Renewed Tenement and Project Momentum
Akora Resources Limited (ASX, AKO) has marked significant progress in the quarter ended 30 June 2025 for its flagship Bekisopa Iron Ore Project in Madagascar. The company secured renewal of its main exploration tenement PR10430, the first to be renewed under Madagascar's updated Mining Code, signaling regulatory confidence in the project’s future. This tenement covers the core mining and exploration areas critical to the planned development phases.
Alongside this regulatory milestone, Akora appointed Peter Bird as Managing Director and CEO in May 2025. Bird brings a wealth of mining and capital markets experience, having held senior roles at Rex Minerals, Zenith Minerals, and other ASX-listed companies. His leadership is expected to accelerate Akora’s transition from exploration to production.
Staged Development for High-Grade Iron Ore
The Bekisopa project aims to produce up to 2 million tonnes per annum of direct shipping ore (DSO) averaging 61.6% iron content in its initial stage. This ore is targeted primarily at traditional blast furnace steelmakers. The company envisions a second stage involving upgrading the ore to a premium +67% iron concentrate suitable for greener steel production using Direct Reduced Iron-Electric Arc Furnace technology, which significantly reduces carbon emissions.
The Pre-Feasibility Study completed earlier this year confirmed the technical and economic viability of Stage 1, with plans to commence mining and first shipments by the second half of 2027. The project will leverage contract mining and mobile processing equipment, with logistics supported by the nearby port of Toliara.
Community and Government Endorsements
Post-quarter, a regional government team visited the Bekisopa site, engaging with local communities who have expressed strong support for the project. Akora’s contributions to local infrastructure, including water supply improvements and employment opportunities, have fostered goodwill. The communities have offered letters of support and urged the government to expedite project development.
National infrastructure initiatives further underpin the project’s prospects. Recent upgrades include a city bypass road linking Toliara port to the RN7 National Highway, with additional highway and port improvements planned. These developments are critical for efficient ore transport and export logistics.
Financial Position and Market Outlook
Akora ended the quarter with cash reserves of approximately A$0.33 million, a modest position that necessitates a proposed capital raise to fund ongoing activities and advance the project toward a Final Investment Decision. The iron ore price experienced some volatility during the quarter, dipping from US$103 to US$93 per tonne, influenced by Chinese steel market dynamics. However, futures prices suggest a recovery, supporting a positive medium-term outlook for iron ore demand.
Meanwhile, Akora’s Satrokala Iron Ore Project remains at an early exploration stage, with no new activities reported this quarter as the company focuses on Bekisopa’s development.
Bottom Line?
With key tenement renewals and leadership in place, Akora’s Bekisopa project is poised for critical development milestones, but funding and market conditions remain pivotal.
Questions in the middle?
- How will Akora secure the necessary capital to advance Bekisopa to production?
- What are the timelines and risks associated with converting exploration tenements into mining permits?
- How will fluctuations in global iron ore prices impact the project's economic viability?
