Australian miner Arrow Minerals has announced that it has signed a non-binding memorandum of understanding (MoU) with Baosteel Resources Holding, a subsidiary of Chinese steelmaker Baowu Steel, for potential sales of iron ore from its northern Simandou project in Guinea.
Arrow Minerals stated that the agreement is subject to its resource and reserve estimation, completion of studies on the project, project development, and negotiation and execution of definitive agreements.
The exploration target for the project, which is scheduled for commissioning in late 2025, stands at 281-716 million mt, with an iron content in the range of 33-46 percent.
