Magnetite inks letter of intent with Chinese steelmaker
JOHANNESBURG (miningweekly.com) – ASX-listed Magnetite Mines and Lodestone Equities are collaborating with Shandong Iron and Steel Group, to develop the magnetite resources of South Australia’s Mawson iron province, following a non-binding letter of intent (LoI) signed on Friday.
Shandong currently produces 22-million tonnes a year of raw steel in China’s Shandong province. The steel company is also building a new nine-million-tonne-a-year steel mill and deepwater port complex in the coastal city of Rizhao, also in Shandong province.
Magnetite said in a note to shareholders on Monday that the province of Shandong already had a close and productive “sister state” relationship with South Australia, and that the LoI further strengthened and extended that relationship.
“A comprehensive cooperation with Shandong Steel would position us to supply high-quality magnetite concentrates for their new blast furnaces at Rizhao and also open up other possibilities to place product within the Shandong Steel Group,” said Magnetite chairperson Gordon Toll.
He added that the LoI further demonstrated belief among most steelmakers in China that Australia’s Braemar region could go a long way towards meeting the ongoing need of the Chinese steel industry for the supply of high-quality magnetite.
“We continue to work on similar agreements with other steel companies to ensure the timely development of the region, to the great benefit of our company and for the benefit of all of South Australia,” concluded Toll.
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