Magnetite Mines welcomes MOU with Pacific Partnerships
November 14, 2023 at 10:51 am EST
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Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson tells Proactive the company has signed a non-binding Memorandum of Understanding with Pacific Partnerships - a subsidiary of CIMIC Group. The purpose of the agreement is to support the development and – potentially – financing of the Razorback Iron Ore Project as well as to establish a foundation for Early Contractor Involvement.
Dobson commented: "We are thrilled to explore a partnering relationship with Pacific Partnerships. Our Razorback Iron Ore Project will be a very large, long-term venture and needs a corresponding partnering approach to support development and financing. This collaboration reflects our commitment to deliver a world-class project and we look forward to working closely with Pacific Partnerships and unlock the full potential of Razorback for the benefit of all shareholders."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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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.