Arrow Minerals Limited (ASX: AMD) has formally acquired its initial 33.3% beneficial interest in Amalgamated Minerals Pte. Ltd, holder of the Simandou North Iron Project in Guinea, West Africa.
This represents completion of Stage 1 of the transaction. Pursuant to the terms of the binding agreement executed in October 2022, Arrow can acquire up to a 60.5% controlling interest in the project.
Arrow advises that 500,000,000 ordinary shares (Shares) (being the Stage 1 Consideration Shares) were issued with shareholder approval at completion to ROPA Investments (Gibraltar) Limited (Ropa) and its nominees.
“Completion of Stage 1 marks a significant step in Arrow’s entry into the emerging Green Steel market,” Arrow Managing Director, Hugh Bresser, said.
“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.”
Strategy
Arrow’s strategy is to deliver long-term value to shareholders through the discovery and development of economic mineral deposits in West Africa. The Completion of Stage 1 provides beneficial rights of 33.3% in the Simandou Iron Project, Guinea. Arrow has a clear road map to extend these rights to 60.5% within 24 months.
Arrow aims to systematically advance the Simandou North Iron Project over the coming months to identify areas of high-grade iron within the project area.
For further information please visit: https://arrowminerals.com.au/
