• Magnetite Mines' positive JFE Shoji deal prompts offer extension

  • Jul 9 2024
  • Duración: 3 m
  • Podcast

Magnetite Mines' positive JFE Shoji deal prompts offer extension

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  • Magnetite Mines Ltd (ASX: MGT) chair Jim McKerlie joins Jonathan Jackson in the Proactive studio to discuss the extension of the deadline for its 1 for 6 pro rata non-renounceable entitlement offer from July 12 to July 19. This extension allows investors additional time to consider the recent heads of agreement with JFE Shoji. Magnetite has partnered with JFE Shoji Australia Pty Ltd, a subsidiary of JFE Shoji Corporation under JFE Holdings, to develop the Razorback Iron Ore Project in South Australia. In return, JFE Shoji will receive magnetite offtake rights, with an option for equity or a joint venture agreement. McKerlie described the agreement as “enormously positive” for the company’s future. He highlighted that the board extended the entitlement offer deadline to allow shareholders more time to understand the implications of this agreement. He encouraged eligible shareholders to participate in the offer. The Razorback Iron Ore Project aims to produce high-grade, low-carbon iron ore for green steel production. It has probable ore reserves of 2 billion tonnes and a mineral resource of 3.2 billion tonnes. The project plans to produce 5 million tonnes per year initially, scaling up to 10 million tonnes per year. The largely underexplored 110-kilometre strike zone offers potential for extended mine life. #ProactiveInvestors #MagnetiteMines #ASX #ASXMGT #JFShoji #IronOreProject #RazorbackIronOre #GreenSteel #Mining #ResourceDevelopment #EntitlementOffer #IronOre #MineralResources #Shareholders #Investment #OreReserves #MiningPartnership #SouthAustralia #MiningNews #ProjectDevelopment #EquityAgreement #JointVenture #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
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