Magnetite Mines Ltd (ASX:MGT) made progress with key transactional discussions regarding its flagship Razorback Iron Ore Project in South Australia during a strong March quarter.
Razorback is poised to become a cornerstone of the emerging green iron industry in Australia, supported by extensive geological studies and infrastructure planning that promise long-term sustainability and economic growth in the region.
Strategic negotiations
It has been a busy period of strategic negotiations and government interactions during which CEO Tim Dobson made visits to Saudi Arabia and Singapore to maintain investor relations and meet with high-level stakeholders. These visits come on the back of a visit to Tokyo in the previous quarter.
These collaborations promise to set the company up for years to come, fostering a domestic sustainable iron and steelmaking hub in a time of global decarbonisation.
The quarter saw Magnetite Mines complete thorough due diligence with several potential strategic partners, setting the stage for imminent transactional negotiations.
Government interest at all levels
The company signed a memorandum of understanding (MoU) with Port Pirie Regional Council, positioning Port Pirie as a potential hub for green iron production.
The partnership is well aligned with the South Australian Government's green iron Expression of Interest process, which enhances the project's prospects for future infrastructure funding discussions at the federal level.
MGT chair Jim McKerlie (left), Shadow Resources Minister Senator Susan McDonald, MGT CEO Tim Dobson at Parliament House, Canberra.
On the corporate front, the company reported a robust financial position with cash and equivalents totalling A$2.85 million as of March 31.
Also during the quarter, Magnetite was active in various international forums, including delivering presentations at the Future Facing Commodities Conference in Singapore and the Upper Spencer Gulf Major Economic Summit.
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