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Magnetite Mines Limited ( (AU:MGT) ) has provided an update.
Magnetite Mines has appointed GC Partners Asia as corporate advisor for its Razorback Iron Ore Project, tasking the firm with engaging potential Chinese strategic investors and offtake partners. The move targets growing demand from China’s decarbonising steel sector for high-grade iron ore and aims to secure funding to complete a Definitive Feasibility Study.
GC Partners Asia, a long-established Asian corporate finance house with offices in London, Hong Kong and Beijing, will help structure partnering, financing and offtake deals for Razorback. Its retainer is partly paid in equity, aligning incentives with shareholders, and the appointment follows Razorback’s recent award of Major Project Status by the Australian government, signalling an acceleration of project development plans.
More about Magnetite Mines Limited
Magnetite Mines Limited is an ASX-listed iron ore company focused on developing magnetite resources in South Australia’s Braemar Iron Formation. The company owns the 6.6 billion tonne Razorback Iron Ore Project, one of the few undeveloped global assets capable of producing premium direct reduction grade concentrate for lower-emissions steelmaking, and also holds exploration tenements prospective for rare earths, copper, silver and gold.
Average Trading Volume: 758,954
Technical Sentiment Signal: Sell
Current Market Cap: A$7.94M
Find detailed analytics on MGT stock on TipRanks’ Stock Analysis page.