Magnetite Mines Limited (ASX: MGT) has announce the signing of a non-binding Memorandum of Understanding (MoU) with Pacific Partnerships. This MoU is significant in the company’s vision to develop its wholly-owned Razorback Iron Ore Project, in South Australia’s Braemar Iron Ore Province.
Tim Dobson, CEO, commented, “We are thrilled to explore a partnering relationship with Pacific Partnerships. Our Razorback Iron Ore Project will be a very large, long-term venture and needs a corresponding partnering approach to support development and financing. This collaboration reflects our commitment to deliver a world-class project and we look forward to working closely with Pacific Partnerships and unlock the full potential of Razorback for the benefit of all shareholders.”
The MoU provides a framework for MGT and Pacific Partnerships to explore opportunities for the development of the large-scale, long-life Razorback asset. Further, the MoU establishes a foundation for Early Contractor Involvement (ECI) at the appropriate time in the project’s development sequence, i.e., the current value engineering phase.
It also enables collaboration between the parties on other possible commercial outcomes, including the potential for debt or equity-based project financing, joint venture partnering, procurement of equipment, and other services.
As a leading infrastructure developer, Pacific Partnerships underpins the prosperity, productivity, and livability of communities by funding, owning, delivering, and operating sustainable infrastructure assets, and delivering bold solutions across the road, rail, education, health, corrections, and energy sectors.
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