Exploration and development company Arrow Minerals (ASX:AMD) reports it has formally acquired its initial 33.3% beneficial interest in Amalgamated Minerals, which holds the Simandou North Iron Project in Guinea, West Africa.
The company says this represents the completion of stage one of the transaction, with a binding agreement signed in October stipulating Arrow can acquire up to a 60.5% controlling interest in the project.
Arrow Minerals Managing Director Hugh Bresser says: “Completion of stage one marks a ‘significant’ step in Arrow’s entry into the emerging green steel market.
“Completion of stage one marks a ‘significant’ step in Arrow’s entry into the emerging green steel market”
With numerous global steel producers moving rapidly to reduce their carbon footprint, the demand for ‘high-grade; clean iron ore will increase. Arrow is aiming to be able to provide material into this expanding market.”
Arrow reports 500 million ordinary shares were issued with shareholder approval at completion to ROPA Investments (Gibraltar) Limited and its nominees.
The Simandou North Iron Project lies at the northern end of the Simandou Range located in Guinea. The company signed a binding agreement with Amalgamated Minerals to acquire 60.5% controlled interest in the company in October last year.
Arrow reports it plans to achieve this within 24 months and will be working to systematically advance Simandou North over the coming months to identify areas of ‘high-grade’ iron within the project area.
Arrow Minerals is an exploration and development company focused on discovering economic mineral deposits in West Africa. The company holds the Vranso, Boulsa, Nako and Hounde South Gold projects in Burkina Faso in addition to the 33.3% interest in the Simandou North Iron Project in Guinea.
Images: Arrow Minerals Ltd
