The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Magnum Mining and Exploration (ASX:MGU) and Midmetal of Saudi Arabia agree to jointly fund a feasibility study on producing zero-carbon pig iron
  • Both companies will work together on the study, which will investigate the development of a Hismelt facility in Saudi Arabia
  • The facility will be fed with magnetite concentrate from Magnum’s Buena Vista project in Nevada, USA, and steel mill waste
  • Magnum and Midmetals are in discussions about project funding and pig iron offtake, with the aim of fast-tracking the feasibility study for completion by the year’s end
  • MGU shares are up 13 per cent, trading at 2.6 cents at 11:34 am AEDT

Magnum Mining and Exploration (ASX:MGU) and Midmetal of Saudi Arabia have agreed to jointly fund a feasibility study on producing zero-carbon pig iron.

The two companies will work together on the study, which will investigate the development of a Hismelt facility in Saudi Arabia, on a 50/50 basis.

The facility will be fed with magnetite concentrate from Magnum’s Buena Vista project in Nevada, USA, and steel mill waste.

The green materials will be smelted to produce green, high-quality pig iron. The feasibility study will also include the production and supply of renewable biochar to certify that the materials have a net zero carbon dioxide footprint.

“Midmetal’s involvement has the potential to accelerate the development of Magnum’s Buena Vista Iron Project in Nevada, USA, and catapult Magnum into green pig iron production ahead of the majors,” MGU CEO Neil Goodman said.

Magnum and Midmetals are in discussions about project funding and pig iron offtake, with the aim of fast-tracking the feasibility study for completion by the end of 2023.

MGU shares were up 13 per cent, trading at 2.6 cents at 11:34 am AEDT.

MGU by the numbers
More From The Market Online
The Market Online Video

Market Close: Energy and materials turn ASX green

The ASX200 closed around 0.63% up with energy soaring 2.3% and materials 1.9%.
The Market Online Video

Market Update: ASX miners raise their glasses to toast copper

The ASX200 has been trading up 0.65 per cent, performing a little better than futures predicted.

Si6 sambas on surface grades over 5000ppm in Brazil

Si6 Metals Ltd has discovered a shallow high-grade zone of rare earth elements at its Poços…