AKORA Resources (ASX:AKO) has been granted the mining permit for its flagship Bekisopa High-Grade Iron Ore Project.
Issued by the Madagascar Ministry of Mines, the "Permis d’Exploitation" transitions the venture from an exploratory phase into a definitive development cycle.
The regulatory green light follows a comprehensive review process and underscores the strong bilateral support from the Malagasy Government.
The approval serves as a critical "inflection point" for the company, providing the legal certainty required to accelerate discussions with strategic funding partners, banks, and offtake providers.
Investors are particularly focused on the project’s Stage 1 direct shipping ore potential, which boasts a remarkably low capital intensity.
According to the March 2025 pre-feasibility study, the project requires an upfront capital investment of just US$61 million to unlock a total revenue stream of US$789 million over an initial six-year mine life.
The economic profile of Bekisopa is exceptionally robust, featuring a pre-tax net present value (NPV₁₀) of US$147 million and a staggering internal rate of return of 86%.
With C1 operating costs estimated at US$42 per tonne and a rapid capital payback period of just 1.8 years, the project is positioned as a high-margin asset.
AKORA now looks toward Stage 2 development, which aims to leverage a significant inferred magnetite resource to ensure long-term value creation in the south-central highlands of Madagascar.
At the time of reporting, AKORA Resources' share price was $0.10.