Australia-listed exploration company Arrow Minerals has completed the accelerated acquisition of the remaining 66.7% interest in Amalgamated Minerals.
The company now has full legal and beneficial ownership of its flagship Simandou North iron project, in Guinea.
CEO David Flanagan said on Wednesday that owning 100% of Amalgamated gave Arrow the option to engage partners at project level.
“It is a big step in maximising our future potential funding options,” he said.
Arrow paid the vendors A$2-million in cash and will pay a further A$0.5-million in cash or shares before the end of June next year. There is also a $1/t royalty on tonnes mined and sold from the tenement, with the company retaining a first right to purchase the royalty.
Simandou North is along strike from the world’s largest high-grade iron-ore project. Arrow is expediting work on the tenements.
Two additional drill rigs are due to arrive on site from early April, taking the total rights in the field to four. Flanagan said the company was looking to secure a fifth rig in coming weeks.