Akora’s main exploration tenement in Madagascar renewed
ASX-listed Akora Resources has received formal documentation from the Bureau du Cadastre Minier de Madagascar confirming the renewal of its main exploration tenement, PR10430, at its flagship Bekisopa iron-ore project in the country.
This tenement was among the first 100 tenements to be submitted following the Madagascan government’s roll out of its new mining implementation procedures.
Akora highlights this as a significant milestone for the Madagascan exploration and mining industry, which has been well supported by the World Bank and positive government leadership.
Renewals have been on hold awaiting the update of the Mining Code and supporting Mining Implementation Procedures.
This tenement renewal follows the recent release of the company’s prefeasibility study for a Stage 1 direct shipping ore operation at Bekisopa, which showed a pre-tax net present value of $147-million (A$233-million) and an internal rate of return of 86%.
“We had confidence that the Akora Bekisopa tenements would be renewed. The Madagascan government updated the Mining Code, delivered revised implementation procedures, and is now processing the first 100 tenement renewals.
“It’s a significant step change for the Mines Ministry, which is committed to the expansion of exploration and mining in Madagascar,” Akora MD Paul Bibby says.
“We’re extremely pleased that Bekisopa’s main exploration tenement PR10430 was the first to be renewed under the updated code. This is another major milestone for Akora, and we will now complete the necessary requirements and submit the application for the transformation of PR10430 into a mining permit,” he adds.
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