Magnetite Mines says partnering and JV process accelerating
Melbourne, Victoria
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October 30, 2023 03:45 PM Eastern Daylight Time
Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson talks Proactive through the company’s activities for the quarter ending September 30, 2023. He says the strategic and JV partnering process is accelerating with strong incoming interest from high-profile domestic and international parties. Meanwhile, following the end of the period, the company launched a renounceable rights offer to raise up to $6.2 million.
Magnetite Mines is focused on the development of magnetite iron ore resources in the highly prospective Braemar iron region of South Australia. The company has a 100% owned Mineral Resource of 6 billion tonnes of iron ore and is developing the Razorback Iron Ore Project, located 240km from Adelaide, to meet accelerating market demand for premium iron ore products created by iron & steel sector decarbonisation, with the potential to produce high-value Direct Reduction (DR) grade concentrates. Razorback is set to become a very long-life iron ore project with expansion optionality in a tier 1 jurisdiction that will produce a superior iron ore product sought by steelmakers globally.
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