Arrow Minerals’ onto the next chapter with Simandou North binding agreement signed
Two major steps forward have been reached – the execution of a binding agreement to acquire up to a 60.5pc controlling interest in Amalgamated Minerals and a corporate restructure of the board of directors.
Singapore-based Amalgamated Minerals holds a 100pc interest in the Simandou North Iron Project in Guinea, West Africa – host to one of the largest undeveloped iron deposits in the world, at the northern end of the Simandou Range… and Arrow (ASX:AMD) has its sights set on a huge bite of it.
The project also includes the Winning Consortium Simandou Blocks 1 and 2 where a reported measured, indicated and inferred mineral resource of 1.8 billion tonnes at 65.4% iron stands within close proximity to Rio Tinto’s (ASX:RIO) Simandou Project Block 3 and 4 comprises a total, measured, indicated and inferred mineral resource estimate of 2 billion tonnes grading 65.5% iron.
Under the agreement, Arrow can acquire up to a 60.5% controlling interest in Amalgamated Minerals and carry out its strategy of delivering long-term shareholder value through the discovery and development of economic mineral deposits in West Africa.
Arrow will focus its efforts on the Simandou North Iron Project in Guinea over the coming months whilst continuing to monitor the situation in Burkina Faso following the September 30 Coup and elevated security concerns in the country.
The Arrow Minerals (ASX:AMD) board of directors has been reorganised and strengthened to oversee and drive the company’s ambitious growth strategy in West Africa.
Effective immediately, Tommy McKeith will assume the role of non-executive chairman, Frazer Tabeart will resume the role of non-executive director, and Arrow welcomes Alwyn Vorster to the board in the position of nonexecutive Director.
Arrow chairman Tommy McKeith says the company has reached a significant milestone.
“We are now positioning the company for a significant new growth chapter.
“The board is delighted to have attracted someone of Alwyn Vorster’s calibre to Arrow, further underpinning our exciting future and the company would also like to thank Frazer Tabeart for his leadership since 2018.”
This article was developed in collaboration with Arrow Minerals (ASX:AMD), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.