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- Magnum Mining and Exploration (ASX:MGU) inks a MOU with Levin-Richmond Terminal Corporation
- Levin-Richmond Terminal Corporation operates a rail terminal and port facility in Richmond, California
- This port connects directly by rail to Magnum’s proposed Buena Vista iron project in Nevada
- Due diligence will precede negotiations for a definitive access agreement
- MGU shares last traded at 2.3 cents
Magnum Mining and Exploration (ASX:MGU) has signed a memorandum of understanding (MOU) with Levin-Richmond Terminal Corporation.
Levin-Richmond Terminal Corporation operates a rail terminal and port facility in Richmond, California, which is connected directly by rail to Magnum’s Buena Vista iron project in Nevada.
The port is well-equipped with a rail terminal, stockpile area, and bulk ship loading facilities, which are vital components for efficient operations.
This streamlined connectivity paves the way for a smoother and cost-effective process for Magnum. The MOU serves as an initial understanding and will initiate due diligence on both sides.
This due diligence is a crucial step before progressing to a definitive agreement. The flexibility of the MOU also allows Magnum to withdraw at any time without incurring obligations.
“This is an exciting development in Magnum’s drive to put Buena Vista into production as quickly as possible. The Levin-Richmond Terminal Corporation are keen to service Magnum’s DRI grade magnetite concentrates export requirements,” MGU CEO Neil Goodman said.
Magnum’s Buena Vista project is planning to produce direct reduction iron (DRI) grade concentrate.
MGU shares last traded at 2.3 cents.
