Macarthur Minerals has entered into an agreement with Arrow Minerals where the latter will build the infrastructure of the miner’s Lake Giles iron ore project in Australia. Under the agreement, Macarthur will gain access to a portion of Arrow’s Strickland Gold Project to ensure access for infrastructure related to its Moonshine Magnetite Project, which is a part of the Australian miner’s Lake Giles mining operations.
Macarthur will pay Arrow $500,000 for this access, of which $250,000 will be paid in cash and the balance in Macarthur shares over the next six months.
The iron-ore miner had acquired around 4,950 hectares of land near the Moonshine Magnetite deposit earlier this year for infrastructure construction. According to the agreement between the two exploration companies, Arrow will build a private transport line linking this area to Macarthur’s rail transportation hub in its Lake Giles project.