Magnetite Mines Limited (AU:MGT) has released an update.
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Magnetite Mines Limited has announced strategic partnerships, including a Heads of Agreement with JFE Shoji Australia for funding and product offtake, and a Memorandum of Understanding with ZEN Energy for renewable energy supply, both aimed at advancing their Razorback Iron Ore Project. The company has made a technical breakthrough by successfully producing DR-grade concentrate using saline water and is preparing for environmental and mining lease submissions. Additionally, financial moves include the appointment of Azure Capital as Financial Advisors and the launch of an Entitlement Offer to fund the project, with $1.2 million in cash on hand as of June 30, 2024.
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