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Magnetite Mines Limited ( (AU:MGT) ) has issued an update.
Magnetite Mines Limited has extended its non-binding Heads of Agreement with JFE Shoji Australia to the end of 2025, while also negotiating with other potential strategic partners for co-investment in the Razorback Iron Ore Project’s Definitive Feasibility Study. The company updated its Mineral Resource Estimate, increasing the Razorback Project’s resources to approximately 3.8 billion tonnes. Additionally, the company is advancing its Mining Lease Proposal and has completed successful metallurgical tests, indicating the potential for using saline water in ore processing. These developments position Magnetite Mines to meet the increasing global demand for high-grade magnetite concentrates, aligning with decarbonization efforts in the steel industry.
More about Magnetite Mines Limited
Magnetite Mines Limited is an Australian company focused on the development of its 100%-owned Razorback Iron Ore Project. The company operates in the mining industry, primarily producing premium-grade magnetite concentrates. Magnetite Mines aims to establish joint ventures with investors and offtake partners to advance its projects, with a particular emphasis on meeting the growing demand for ‘green iron’ from global steelmakers.
Average Trading Volume: 118,767
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$9.93M
For an in-depth examination of MGT stock, go to TipRanks’ Overview page.