MAGNUM MINING & EXPLORATION (ASX:MGU)MGU’s recently acquired...

MAGNUM MINING & EXPLORATION (ASX:MGU)MGU’s recently acquired Appalachian green iron project in West Virginia now has US Government support.The project has been submitted by US Senator Joe Manchin as a Congressionally directed spending request to the appropriations committee.Congressionally directed spending allows federal lawmakers to direct resources toward constituent priorities and regional needs.In this case, MGU is trying to get cash for applied research related to the project, which is designed to produce net zero carbon green steel.“The Senator’s request to the Appropriations Committee is a significant step forward for Magnum, that may result in crucial research and financial support to advance the Appalachian Iron Project to convert waste iron oxide materials from legacy slag dumps into high-value pig iron, using sustainably sourced biochar,” MGU CEO Neil Goodman says.The stock recently inked a Memorandum of Understanding (MOU) with Mitsubishi for the offtake of all products from proposed operations at the more advanced Buena Vista green iron project in Nevada.The MOU covers all products from the project including Direct Shipping Ore (DSO), iron concentrate, HIsmelt-produced pig iron and slag, all steel plant wastes, and excess biochar.The $20m capped stock is up 20% year-to-date. It had $3.6m in the bank at the end of March