Bekisopa Madagascar

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Bekisopa madagascar

Bekisopa Iron Ore Project

Bekisopa Surface Iron Ore

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 67.6% iron concentrate suitable for Direct Reduced Iron (DRI) pellets for the steel industry’s accelerating decarbonisation.

Bekisopa – AKORA’s Major Project

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

AKORA has drilled 250 holes across four campaigns totalling over 8,400m at Bekisopa.

  • Fourth drilling campaign of 904.9macross 65 holes completed in August 2023.
  • Drilling on a 50m-by-50m gridacross the project’s northern and central zones, iron ore mineralisationintercepts averaged around 18.0m in the north, and 9.2m in the centraltenement.
  • Drill campaigns designed to add DSOtonnage, aid production planning, and increase minelife.
  • Only 30% of 6km major groundmagnetic anomaly has been drilled.

Scoping Study Highlights – ‘Low CAPEX Case’:

  • 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.

Wardell Armstrong International Comments taken from the Competent Person Report – October 2020
Whilst the projects are at an early stage, there are positive factors associated with the projects, namely:

  • The Bekisopa prospect has an Exploration Target of between 10-20Mt @ 60-65% Fe to a depth of around 10m, and 50Mt to 100Mt at similar grades (60-65%) can be interpreted to 100m depth.
  • The potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a mineral resource.
  • This mineralisation is open at depth and recent ground magnetic surveys suggest magnetite mineralisation continues to at least 500m in places. It is unclear whether the plus 60% material will continue at depth, but several features, including primary textures in the surficial mineralisation, are promising. Even at lower grades and
  • Assuming some of the magnetic signature is due to interbedded magnetite bearing amphibolites and calc-silicates, potential for large tonnages (0.5-1Bt) of easily upgradeable mineralisation appear to be excellent.

Further detail included in the Historical Exploration Work summary attached.

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Our Projects in Madagascar

We have three distinct project tenement areas in Madagascar.
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