Arrow Minerals Limited, an exploration and development company, has signed a memorandum of understanding (MoU) with Baosteel Resources to be responsible for the sale of potential iron ore mine tickets for Arrow's Simandou North Iron Project in Guinea.

Currently, the MoU outlines a framework of cooperation. Arrow Minerals said that the MoU is an important step in obtaining the interests of the Simandou multi-user railway.

The Simandou Iron Ore Project is the largest undeveloped high-grade iron ore deposit in the world. Since the start of the Simandou North Iron Project in 2023, Arrow Minerals announced that it has completed the exploration target.