Arrow Minerals has agreed to acquire an interest of up to a 60.5% in Amalgamated Minerals, which owns a 100% stake in the Simandou North Iron Project in Guinea.

The Simandou North project comprises exploration permit 22967, which is located at the northern end of the Simandou Range. The region hosts one of the world’s largest undeveloped high-grade iron ore provinces.

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Arrow said in a statement: “Simandou North Iron Project allows Arrow to participate in the development of an area where, until now, mineral wealth has been locked up due to infrastructural constraints.”

As per the terms of the agreement, Arrow will issue 81,250,000 fully paid Arrow ordinary shares for three-month exclusivity option, to acquire an interest of up to 60.5% in the Simandou North Project through Amalgamated.

Upon satisfactory due diligence and certain conditions precedent, Arrow will have the option to purchase a 33.3% holding in Amalgamated from Ropa Investments (Gibraltar) by issuing 500 million fully paid ordinary Arrow shares.

The company may provide $2.5m in exploration expenditure funding for the project and purchase an additional 27.2% stake in Amalgamated.

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Arrow Minerals managing director Hugh Bresser said: “Global demand for high-grade iron ore continues to grow and the Simandou Range hosts the world’s largest undeveloped high-grade iron deposits.

“Simandou North Iron Ore Project allows Arrow to participate in the development of an area where until now mineral wealth has locked up due to infrastructural constraints.”

Furthermore, Arrow divested its non-core Strickland copper/gold project to an undisclosed firm for $600,000.