Magnum Mining and Exploration (ASX:MGU) inks MOU with global mining company Anglo American

• Magnum Mining and Exploration (MGU) enters into a nonbinding MOU with leading global mining company, Anglo American
• Both parties aim to progress toward a definitive and binding offtake agreement for up to 100 per cent of the production from MGU’s Buena Vista iron project in Nevada
• Magnum is attempting to bring its Buena Vista project online in the shortest and most economical way possible
• The company is supporting the usual due diligence processes in the hope of a resulting binding agreement
• MGU shares are up 5.41 per cent, trading at 3.9 cents at 11:32 am AEST

Magnum Mining and Exploration (MGU) has entered into a nonbinding memorandum of understanding (MOU) with the leading global mining company, Anglo American.

Both parties aim to progress toward a definitive and binding offtake agreement for up to 100 per cent of the production from MGU’s Buena Vista iron project in Nevada, USA.

Magnum is actively working to bring its Buena Vista project online in the shortest and most economical way possible.

The MOU covers all commercial iron ore products from the project, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades.

Either party has the power to terminate the MOU without providing a reason, and future terms remain under negotiation between the parties.

Magnum announced its commitment to supporting the usual full due diligence processes.

MGU shares were up 5.41 per cent, trading at 3.9 cents at 11:32 am AEST.