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- Magnum Mining and Exploration (MGU) enters into an agreement with Shandong Molong Petroleum Machinery (Molong) and Shandong Province Metallurgical Engineering (SDM) for a conditional license to build a HIsmelt pig iron plant
- The licence covers the construction of a HIsmelt plant to produce high-grade pig iron in an environmentally sustainable way
- Through this agreement, Magnum will receive high-level technical support for its Beuna Vista green iron project in Nevada, as well as its West Virginia green iron project
- The agreement is not binding until the completion of a feasibility study, where post-study negotiations are still required to finalise the terms and payments
- MGU shares last traded at 2.4 cents
Magnum Mining and Exploration (MGU) has entered into an agreement with Shandong Molong Petroleum Machinery (Molong) and Shandong Province Metallurgical Engineering (SDM) for a conditional license to build a HIsmelt pig iron plant.
The licence covers the construction of a HIsmelt plant to produce high-grade pig iron in an environmentally sustainable way.
Through this agreement, Molong and SDM will provide high-level technical support for Magnum’s Beuna Vista green iron project in Nevada, as well as its West Virginia green iron project.
Magnum CEO Neil Goodman said the license agreement and feasibility study with SDM and Molong would be “instrumental” in advancing the company’s Buena Vista project.
“Molong is presently the world leader in the application of HIsmelt technology for ironmaking and SDM is one of the most experienced HIsmelt engineering companies in the world having worked on several plants in Australia, China, South East Asia,” he said.
Magnum announced the agreement was not binding until after a feasibility study had been completed. Post-study negotiations would also be required to finalise the terms and payments of the agreement.
The company has agreed to pay a royalty for SDM and Molong’s technical patents and intellectual property, with the payment terms determined based on cooperation and further project scope development.
MGU shares last traded at 2.4 cents.
