Magnetite Mines raises $2.4 million; submits ‘Green Iron...

Magnetite Mines raises $2.4 million; submits ‘Green Iron Opportunity’ interest | ASX:MGT (*.com)

Magnetite Mines Ltd (ASX:MGT) has raised $2.4 million via a rights issue to eligible shareholders with the funds to assist in finalising agreements to fund a definitive feasibility study (DFS) for its Razorback Iron Ore Project in South Australia.

“Yesterday, Magnetite Mines, along with a consortium of major industry partners, made a comprehensive submission to the South Australian Government’s ‘Green Iron Opportunity’ Expression of Interest process,” said Dobson.“

Our submission underscores the requirement for reliable, long-term, DR-grade magnetite concentrate production as the critical and necessary enabler for the creation of a green iron industry in South Australia. “It further details a pathway that would see a green iron hub emerge in Port Pirie based on production from Razorback, with pellet-making, green iron production and export facilities heralding an entire new industry for the region and an economic game changer for South Australia. “Underpinning the State and Federal governments’ intense focus on Australia’s green iron opportunity is the forecast global demand for exportable green iron products.“We remain fully committed to developing our world-class Razorback Project in concert with government and strategic partner support, to secure this once-in-a-generation opportunity for shareholders, the state and the country.”