Magnetite Mines Limited ( (AU:MGT) ) has issued an update.
Magnetite Mines Ltd is progressing its Razorback Iron Ore Project in South Australia, aiming to become a leading supplier of premium iron ore products. The company has made significant strides in securing strategic partnerships, notably with JFE Shoji Australia, and is working towards finalizing agreements to fund a Definitive Feasibility Study and achieve a Final Investment Decision. The recent establishment of a $1 billion Green Iron Fund by the Australian government supports early green iron projects and enhances investor confidence. Magnetite Mines is seeking shareholder approval for additional funding to advance its Mining Lease Proposal and maintain financial flexibility.
More about Magnetite Mines Limited
Magnetite Mines Ltd is an ASX-listed company focused on developing magnetite iron ore resources in South Australia’s Braemar region. The company owns a 100% stake in a 6 billion tonne iron ore resource and is advancing the Razorback Iron Ore Project to meet the growing demand for premium iron ore products driven by the decarbonisation of the iron and steel sector.
YTD Price Performance: -20.83%
Average Trading Volume: 132,080
Technical Sentiment Consensus Rating: Buy
Current Market Cap: A$11.06M
Learn more about MGT stock on TipRanks’ Stock Analysis page.