Arrow shares rise following update
Shares in David Flanagan-led Arrow Minerals rose more than 65 percent on Friday following a major update on its operations in Guinea.
As of 10:34 a.m. AWST, Arrow shares were up 67 percent to 0.005 cents.
Arrow told investors it has received a new three-year industrial exploration permit from the Guinean government for its Niagara bauxite project, with renewal rights for two two-year periods.
Friday’s update follows news in May that the West Perth-based youngster had signed a non-binding memorandum of understanding with Soguipami, a Guinean government-based firm.
Following the announcement of the agreement, Arrow said it hoped the MoU would provide greater clarity and certainty regarding the permitting required for exploration and development of both Niagara and the country’s Simandou North iron ore project.
“We are pleased to receive the new exploration license covering the Niagara bauxite project, which is initially valid for a period of three years and fully covers the mineralized plateaus hosting the combined mineral resource we have previously reported,” he said.
“The government of Guinea has completed a systematic review of the Niagara project, our historical study activities, as well as our capacity and ability to move the project forward in compliance with Guinean mining legislation.
“In completing this detailed process, the Guinean government has chosen to grant us a new full three-year lease for the project.
“The company is committed to working closely with the Ministry of Mines and Geology to ensure the continued progress of the project in compliance with Guinea mining law and applicable regulatory requirements.”
In May last year, reports emerged that a handful of West African countries, including Guinea, were exploring the possibility of tightening control over minerals within the country.
Reports have indicated that there is a possibility that some mining licenses owned and controlled by foreign-based companies may be withdrawn.
Shortly afterwards, Arrow told the market that the government had not yet been officially informed about the status of its research facilities.
