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Magnetite Mines Limited ( (AU:MGT) ) has provided an announcement.
Magnetite Mines Limited has announced significant updates for its Razorback Iron Ore Project, including ongoing negotiations with a second potential strategic partner for funding alongside JFE Shoji Australia. The company’s mineral resource estimate for the Razorback Project has increased to approximately 3.8 billion tonnes, with global resources rising to 6.6 billion tonnes. Initial test results for using saline water in ore processing are promising, though further optimization is needed. The project is progressing through the South Australian Government’s approval process, and the company is working towards establishing a green iron hub at Port Pirie.
More about Magnetite Mines Limited
Magnetite Mines Limited is a company operating in the mining industry, primarily focused on the development of the Razorback Iron Ore Project in South Australia. The company specializes in producing DR-grade magnetite concentrates, which are essential for green iron and steel production using Direct Reduced Iron (DRI) technology. Magnetite Mines is strategically positioning itself to support the global steel industry’s transition to low carbon emission steelmaking.
Average Trading Volume: 125,032
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$9.68M
Learn more about MGT stock on TipRanks’ Stock Analysis page.