Australian magnetite drawing more Chinese interest
PERTH (miningweekly.com) – The South Australian Magnetite Consortium has inked another sale and purchasing letter of intent (LoI), this time with Chinese steel company Sha Steel, for the acquisition of two-million tonnes a year of iron-ore concentrate for sinter feed blends.
ASX-listed Magnetite Mines chairperson Gordon Toll said on Monday that the LoI created a value-adding relationship with one of the largest, most efficient and entrepreneurial steel companies in the world.
“This LoI adds to previously announced agreements with Chinese steel companies Shandong Steel, Qingdao Steel and Ningbo Iron and Steel, plus additional agreements with two non-Chinese steelmakers. It clearly emphasises the demand for our high-quality products,” he added.
The South Australian Magnetite Consortium comprises Magnetite Mines and Lodestone Equities, which through its subsidiaries FE Mines and Olary Magnetite, holds rights to prospective tenements in South Australia.
The consortium's assets include the Mawson iron-ore project, which contains the Ironback Hill prospect, and is estimated to host more than one-billion tonnes of resource.
With the latest LoI in place, the consortium now has a total of eight-million tonnes a year of possible offtake, subject to LoI’s, ready for conversion to firm sales contracts.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation