FMG and Sinosteel (Magnetite) MOU, page-4

First 4 Last

Share
Profile

Follow
MrStrengths

3,209 Posts.

1502

21/01/22

20:56

Post #: 59052635
Share

Originally posted by luvkakuwadu: ↑

Fortescue Metals Group Ltd (Fortescue, ASX: FMG) and Sinosteel have signed a binding Memorandum of Understanding (MoU) to complete a rapid project assessment of Sinosteel’s Midwest Magnetite Project, with the assessment to include a rail and port development at Oakajee

At the conclusion of the 12 month rapid project assessment and subject to the outcome of that process, Fortescue has the option to acquire up to 50 per cent of the Midwest Magnetite Project and up to 100 per cent of the proposed port and rail infrastructure project. Fortescue Chief Executive Officer, Elizabeth Gaines said, “For over three decades, Sinosteel has demonstrated their strong performance and ability to deliver mining projects in Australia including their Channar Mine in the Pilbara.

“The signing of this MoU demonstrates Fortescue’s commitment to our strategic pillars of investing in the long-term sustainability of our iron ore business, expanding into new regions and continuing to deliver strong returns to our stakeholders

Thoughts? Why is FMG looking at magnetite now..hmm...

Expand

Fortescue's looking at mag IMO for three reasons -
1: profit. High premiums.
2: it's what the buyers want.
3: Green Steel - fits with Fortescues' mantra.

it's the obvious next step.

MGT Price at posting: 3.8¢ Sentiment: Buy Disclosure: Held
9 Upvote

0 Great analysis

Reply

Top Stories

ASX Market Open: After worst day in 3 months, bourse could only really bounce back | July 22

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

PTX

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

PSC

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

First 4 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 9.1¢		Change 0.008(9.64%)		Mkt cap ! $11.04M

Open	High	Low	Value	Volume
8.7¢	9.1¢	8.7¢	$15.08K	168.8K

Buyers (Bids)

No.	Vol.	Price($)
1	47	9.1¢

Sellers (Offers)

Price($)	Vol.	No.
9.4¢	50000	1

View Market Depth

No.	Vol.	Price($)
1	999	0.091
1	10000	0.090
1	9000	0.087
2	100000	0.086
4	68229	0.085

Price($)	Vol.	No.
0.090	1000	1
0.091	2000	1
0.095	50000	1
0.098	1200	1
0.099	20000	1

Last trade - 16.10pm 21/07/2025 (20 minute delay)

MGT (ASX) Chart

FMG and Sinosteel (Magnetite) MOU, page-4

ASX Market Open: After worst day in 3 months, bourse could only really bounce back | July 22

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

FMG and Sinosteel (Magnetite) MOU, page-4

Top Stories

ASX Market Open: After worst day in 3 months, bourse could only really bounce back | July 22

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News