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."
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