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The Company’s flagship Bekisopa Iron Ore Project has a 194.7 million tonne (mt) Inferred JORC Resource with very low impurities able to produce a premium-priced +68% Fe concentrate. Direct Reduced Iron-Electric Arc Furnace (DRI-EAF) technology which is used to make greener steel without coal and considerably less carbon emissions requires iron ore grades of at least 67%.


To generate cash in the near-term, AKORA is advancing plans at Bekisopa to produce up to 2Mt per annum over the first five years of a 60% Fe average grade direct shipping ore (DSO) for shipping to Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers.

Our plan is to develop the Bekisopa Project in two stages.

Stage 01: Produce+62% Fe direct shipping ore (DSO)
Stage 02: Produce premium-priced +68% Fe concentrate

Bekisopa high-grade iron ore DSO Mineral Resource Estimate increases by 42% to 7.9 million tonnes.

AKORA achieved an increase from 5.5 to 7.9 million tonnes of Indicated and Inferred DSO Resource at a grade of 58.8% Fe at its Bekisopa Iron Ore Project in Madagascar.

This increase in the Bekisopa Resource will be used as a part of a planned update to the 2023 Bekisopa Scoping Study where an uplift in the project’s Stage One DSO mine life and project financials is expected.

The Central and Northern zones at Bekisopa will provide future operating flexibility for DSO grade control.

The Bekisopa DSO zones remain open for further infill drilling in multiple areas.

Initial five-year Direct Shipping Iron Ore (DSO) start-up operation at the Bekisopa Project, in Madagascar, peaking at 2 million tonnes per annum (Mtpa), is economically viable.

Initial five-year mine life at Bekisopa South (20% of the project’s 6km strike length).

Robust economics: NPV10% of US$125 million and an IRR of 64% pre-tax.

2.1 year capital payback and C1 cash operating cost US$42/wet metric tonne (wmt) at full production rate, providing an operating cost margin of over 100%. Pre-Feasibility Study started in 2024.

In June 2014 AKORA acquired a 75% interest in Iron Ore Corporation Madagascar sarl (IOCM) from Cline Mining Corporation. In July/August 2020 AKORA negotiated acquisition of the remaining 25% of Bekisopa from Cline Mining so that AKORA holds 100% of the Bekisopa tenements.

The Bekisopa prospect has been the focus of three generations of evaluation, the French Geological Society BRGM in 1959-62, the United Nations Development Program (UNDP) in 1976-78 and Cline Mining Corp. in 2007-08. Since July 2019 Bekisopa is the main focus for AKORA Resources.

The Bekisopa Iron Ore Project in Madagascar hosts an Inferred Resource of 194.7million tonnes (Mt) with the potential to produce a quality Direct Ship Iron Ore product and a premium grade 68% iron concentrate suitable for Direct Reduced Iron (DRI) pellets for the steel industry’s accelerating decarbonisation.

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