PERTH (miningweekly.com) – Junior Magnum Mining & Exploration on Tuesday said that it would fast-track the development of its Buena Vista integrated pig iron production facility, in Nevada, as the prices of pig iron increased.
The ASX-listed company on Tuesday told shareholders that the price of pig iron had risen by around 55% over the past four weeks, and that concerns were arising over the surety of long-term supply, given that Russia and Ukraine were the largest exporters of pig iron, supplying around 54% of global trade.
The US, for its part, was the largest importer of pig iron, with 5.6-million tonnes imported in 2021.
Magnum told shareholders that its Buena Vista project could become the first green pig iron producer in North America, and could be the only pig iron producer on the West Coast of the US.
“This is an exciting development strategy for Magnum as well as the US and one that as it progresses will see Magnum transformed and the value of the Buena Vista Pig Iron Project as a key US production asset more fully recognised,” the company said in a statement.
More than A$34-million has been spent on the project over the last decade to complete feasibility studies and permitting for long-term production, and all major development permits have already been secured. The project hosts over 230-million tonnes of resource.