Arrow sells its final Aussie lithium stake to zero in on African gold and iron ore
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Arrow Minerals has sold out of Australia, banking $700,000 in cold hard cash for its remaining interest in the Malinda Lithium Project in WA’s Gascoyne.
The deal will see buyer Electrostate pay the cash sum for the 10% free carried equity interest in the project still held by Arrow (ASX:AMD) after the African explorer banked $500,000 for the other 90% of the project back in May.
Malinda contains three granted Exploration Tenements in Western Australia, E09/2169, E09/2170 and E09/2283, all within the Gascoyne province of the Capricorn Orogen.
It has completed Arrow’s big shift to Africa after the divestment of the Strickland copper-gold project to Dreadnought Resources in July.
The deals have provided a deep pool of capital for Arrow’s strategy to focus its exploration efforts on West Africa.
“This completes the final stage of Arrow’s divestment of non-core Australian assets,” Arrow managing director Hugh Bresser said.
“We are now entering an exciting time for shareholders with our focus on delivering long term value in West Africa through the advancement of the Simandou North Iron Project in Guinea and the Vranso Gold Project in Burkina Faso.”
Arrow Minerals lit up the market last month with its purchase of the Simandou North tenements in Guinea, covering 490sqkm contiguous with the SMB Winning Consortium’s blocks at the world’s largest undeveloped iron ore mine, Simandou.
Winning, the Guinean Government and Rio Tinto announced a JV to develop port and rail infrastructure to the proposed mine last month, a key to opening up the iron ore assets near to Arrow’s orbit for development.
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.