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Magnetite Mines Limited ( (AU:MGT) ) just unveiled an update.
Magnetite Mines reported steady progress at its flagship Razorback Iron Ore Project, expanding its strategic partnering efforts in line with accelerating global decarbonisation trends in the steel sector, particularly in China and the Middle East. While a non-binding agreement with JFE Shoji Australia expired at year-end, the company renewed its collaboration with ZEN Energy to assess green iron production in South Australia and advanced key approvals, with its Mining Lease Proposal moving into cross-agency assessment and public consultation. The Green Iron SA consortium added shipping specialist CSL Australia, and potential infrastructure tailwinds emerged as ElectraNet’s planned high-voltage line corridor was flagged near Razorback and the state advanced work on a Braemar water supply feasibility study, both of which could materially reduce future project costs. Concurrently, Magnetite Mines continued to build optionality through low-cost exploration, confirming further near-surface rare earth mineralisation at Ironback Hill, securing a new REE tenement, progressing copper and gold exploration, and maintaining a modest cash balance of $2.8 million while converting a portion of its convertible loan notes to equity.
The most recent analyst rating on (AU:MGT) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Magnetite Mines Limited stock, see the AU:MGT Stock Forecast page.
More about Magnetite Mines Limited
Magnetite Mines Limited is an Australian resources company focused on developing the Razorback Iron Ore Project in South Australia, with an emphasis on supplying high-grade magnetite concentrate into global iron and steel markets. The company is also pursuing multi-commodity exploration, including rare earth elements, copper and gold, to diversify its portfolio and leverage growing demand for critical minerals.
Average Trading Volume: 309,181
Technical Sentiment Signal: Sell
Current Market Cap: A$11.76M
See more data about MGT stock on TipRanks’ Stock Analysis page.