Arrow Minerals has concluded the acquisition of the remaining 66.7% stake in Amalgamated Minerals, which holds the Simandou North Iron Project.

This transaction offers the company complete legal and beneficial ownership of the project.

For the acquisition, Arrow Minerals paid the vendors A$2m in cash.

An additional payment of A$500,000 is due before the end of June next year, which may be settled in cash or shares.

Furthermore, there is a $1 per tonne royalty on tonnes mined and sold from the tenement, with Arrow Minerals retaining the first right to purchase the royalty.

The Simandou North Iron Project, located in Guinea, West Africa, includes exploration permit 22967.

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It is positioned at the northern end of the Simandou Range, home to the world’s largest undeveloped high-grade iron deposits.

Arrow Minerals managing director David Flanagan said: “Completing this purchase of 100% of Amalgamated gives us the option to engage partners at a project level. It is a big step in maximising our future potential funding options.

“Two additional drill rigs are due to arrive on site from early April. This takes the total rigs in the field to four and we are currently looking to secure a fifth rig in coming weeks. The tenements immediately south of Simandou North Iron Project is host to the largest high-grade iron ore project in the world.”

Recently, Arrow Minerals secured firm commitments for a placement to raise A$10m at A$0.005 per share. These funds will be channelled towards the advancement of the Simandou North Iron Project.