Magnetite Mines and JFE Shoji Australia partner for Razorback Project

Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson joins Proactive’s Jonathan Jackson to discuss a non-binding Heads of Agreement with JFE Shoji Australia Pty. Ltd. (JFE), a subsidiary of JFE Shoji Corporation. This agreement outlines the terms for negotiating a binding transaction. JFE will provide funding for the completion of the Razorback Iron Ore Project's Definitive Feasibility Study (DFS) and, in return, will receive rights to up to 10% of the ‘DR-grade’ magnetite concentrate production over a 15-year period. JFE also has the option to convert these rights into equity or joint venture participation. Both companies aim to finalise a definitive agreement by January 31, 2025.
Dobson highlighted the strong relationship formed with JFE over the past year and expressed optimism about the long-term collaboration and how the strategic alignment of the Razorback Project aligns with global decarbonisation efforts. South Australian Minister for Energy and Mining, Tom Koutsantonis, endorsed the agreement, aligning it with the state's Green Iron and Steel Strategy.
This agreement follows extensive due diligence by JFE, including site visits since April 2023. The companies plan to develop the project through a joint venture, leveraging mutual strengths to meet the rising demand for green iron.
#ProactiveInvestors #MagnetiteMines #ASX #JFE, #RazorbackProject, #IronOre, #MiningAgreement, #FeasibilityStudy, #JointVenture, #GreenIron, #Decarbonisation, #Steelmaking, #Australia, #Japan, #ResourceDevelopment, #StrategicPartnership, #MiningNews, #IronProduction, #SustainableMining, #EnergyAndMining, #Investment, #GlobalSteelmakers
#invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews