Magnetite Mines secures exclusive negotiating rights for Razorback water supply
September 27, 2023 at 11:31 am EDT
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Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson tells Proactive the company has recently made a proposal to the South Australian Government to access a discarded Murray Basin wastewater source for use in magnetite processing at its flagship Razorback Iron Ore project. He says they have now received approval for a 6-month exclusive negotiation period for the proposal. The wastewater source is one of two water supply options with the potential to supply the planned 5 million tonnes per annum operations at Razorback.
Dobson said: “This approval by the SA Government Cabinet to advance our proposal to access this wastewater source, with exclusive negotiating rights, is extremely encouraging and represents the first material support by the SA Government for Razorback ahead of the planned submission of our mining lease proposal in the new year.
“Being acutely aware of the arid environment in which we will operate, we take our water stewardship obligations seriously.
“Beneficially using wastewater from Murray Basin salt interception schemes would contribute to a circular economy and is fully aligned with the intent and spirit of our leading ‘foresight’ sustainability platform.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Magnetite Mines Limited is an Australia-based iron ore company. The Company is focused on the development of magnetite iron ore resources in the highly prospective Braemar iron region of South Australia. Its projects include Razorback Iron Ore Project and Muster Dam Iron Ore Project. The Razorback Iron Ore Project is a magnetite iron ore deposit capable of producing a high-grade iron ore concentrate product for use in steel production. The Project is situated approximately 45 kilometers (km) from open-user rail, 120 km from the power grid and 200 km to existing deep water ports. The Project consists of two magnetite iron ore deposits, the Razorback and the Ironback Hill deposits. The Muster Dam Iron Ore Project is hosted by the same Braemar Iron Formation as the Razorback Iron Ore Project. The Project is located approximately 110 km to the northeast of Razorback. The Company has a total mineral resource of six billion tons of iron ore located approximately 240 km from Adelaide.