Akora’s pending mining permits continue processing after Madagascar’s EITI upgrade
Processing of Akora Resources’ (ASX: AKO) pending iron ore mining permits in Madagascar will continue as part of the legal upgrade of the country’s Extractive Industries Transparency Initiative (EITI).
More than 50 countries across the world have committed to strengthening the transparency and accountability of their mining and processing sectors using the EITI standard.
Madagascar has been using the EITI process to improve transparency on revenues the government collects and visibility of its mining sector.
The legal status of Madagascar’s EITI initiative has been upgraded under its government’s technical and financial supervision.
Following this, the Malagasy Council of Ministers has approved the country’s Ministry of Mines and Strategic Resource to resume processing applications for all mining permits.
According to Akora, EITI’s upgraded legal status reflects the Malagasy Government’s “commitment to global standards” including improved transparency and accountability within the mining sector.
As a result of the changes, Akora’s 12 tenements are now awaiting processing with the Mining Cadastre Office of Madagascar (BCMM).
“Akora is pleased this positive action by the Malagasy Government has been taken,” Akora managing director Paul Bibby said.
“We were confident that this would happen and now are even more encouraged to progress our work programs at Bekisopa, Satrokala and Tratramarina.”
“Akora’s tenements are in good standing, and we will work with the Malagasy Mining Ministry and the BCMM to ensure they are processed.”
Bekisopa iron ore project
Akora is actively exploring its Bekisopa iron ore project, which has attracted Madagascan Government attention.
During its drilling program in the December quarter, government representatives from the Ministry of Mines an were “impressed” with Akora’s progress.
Drilling is underway at the Bekisopa Southern Zone with recent assays showing 72 out of 86 holes had intercepted direct shipping ore (DSO) mineralisation.
Highlight results were 9.8m from surface at 66.27% weighted iron; 11.2m at 66.05% weighted iron; 11.59m at 66% weighted iron; and 9.72m at 65.25m weighted iron.
Mr Bibby said the assays will underpin a resource update for the project later this year.
The current resource totals 194.7 million tonnes. The DSO material has the potential to generate a high-grade 68%-plus iron concentrate suitable for the ‘green steel’ future.