Akora Resources Issues Updates on Bekisopa Iron Ore Project in Madagascar
At the end of October 2026, Akora Resources (ASX: AKO) issued two announcements regarding progress on its Bekisopa Iron Ore Project in Madagascar. On 26 October 2026, Akora CEO Peter Bird issued a first official update regarding financing following a meeting with the WB’s International Finance Corporation and the European Union in Antananarivo. Then, on 27 October 2026, Akora released its quarterly report highlighting site-level advancements.
Situated in south-central part of Madagascar, the closest port appears to be Toliara. Akora has arranged several site visits to Toliara and initiated a Feasibility Study to utilize the port for bulk export. As part of the Project, Akora plans to build a 130-kilometer access road to link the Bekisora mining site to Madagascar’s national highway network.
The other famous iron ore deposit is in Soalala, in northwestern Madagascar. It is to be recalled that Wuhan Iron and Steel Company (WISCO) signed an agreement with the Malagasy Government and pledged to invest at least USD 100 million to explore and exploit Soalala. Due to ‘administrative challenges’, the Soalala Project never came to fruition. It is rumored that Akora might also take over Soalala as the WISCO’s permit lapses.
Actually, Akora is also looking at Satrokala, just 40 kilometers from Bekisopa. The site features a massive 10-kilometer magnetic anomaly and drilling has confirmed high-grade mineralization.
Currently, Bekisopa is at a Pre-Feasibility Study (PFS) stage. In the initial phase, Akora plans a near-surface extraction and direct shipping ore to achieve low CAPEX and fast ROI. The PFS estimates an annual production of 2 million tonnes of ore, graded above 60%, over a lifetime of 6 years.
Akora reported that it has secured another USD 1.3 million in equity capital from ‘sophisticated investors’ to fund project development. Akora estimates it will need a total of USD 62 million as pre-production CAPEX and is promising an IRR of 64% post-tax.