Arrow Minerals Ltd (ASX:AMD) has inked a definitive binding agreement with Amalgamated Minerals Pte. Ltd to purchase a controlling share of 60.5% in the private Singaporean company, which holds 100% of the Simandou North Iron Project in Guinea, West Africa.
Simandou North forms an extension of one of the largest undeveloped high-grade iron deposits in the world.
Two other companies operating in the area have already developed mineral resource estimates:
- Winning Consortium Simandou’s Block 1 and 2 holds a reported measured, indicated and inferred mineral resource of 1.8 billion tonnes at 65.4% iron.
- Rio Tinto (ASX:RIO) Simfer’s Simandou Project Block 3 and 4 holds a total measured, indicated and inferred mineral resource estimate of 2 billion tonnes grading 65.5% iron.
“Arrow has reached a significant milestone with the announcement of the Simandou North transaction, and we are now positioning the company for a significant new growth chapter,” Arrow Minerals chair Tommy McKeith said.
Corporate restructure
Arrow has reorganised its board to better serve the company’s goals of ambitious growth in West Africa with McKeith to take on the role of non-executive chair while Frazer Tabeart will resume the role of non-executive director.
The company has also welcomed Alwyn Vorster to the board as a non-executive director, seeking to leverage his experience in extracting value from the process of discovering and developing bulk mineral deposits.
“The board is delighted to have attracted someone of Alwyn Vorster’s calibre to Arrow, further underpinning our exciting future,” McKeith said.
“The board would also like to thank Frazer Tabeart for his leadership since 2018.”
Simandou North Permit map showing airborne magnetic geophysical image and historical drill hole locations within interpreted Simandou Group stratigraphy and the proposed rail line route.