This is not a bad announcement. Its good progress with a partner who provides us the quickest path to production. Look at all the things going on in Saudi Arabia for the 2030 vision, they are serious about getting these projects off the ground and have the cash to make it happen quickly.
"Under the Agreement, the Saudi shareholders of Midmetal agree to provide Midmetal 50% of the development funding by
way of a loan from the Saudi Industrial Development Fund or other investors. Magnum agrees to provide the other 50%,
also by way of a loan to Midmetal. The loans are to be repaid by Midmetal in within two years and at an agreed interest
rate".
Saudis even willing to put forward Magnums 50% !
This is not a bad announcement. Its good progress with a partner...
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