Magnum Mining and Exploration prepares for prefeasibility study into Saudi Arabian green steel play

• Magnum Mining and Exploration (ASX:MGU) has issued a brief announcement today outlining fresh developments
• Those developments relate to its Saudi Arabian green steel play
• The company is to host a webinar on February 12
• Shares last traded at 1.7 cents

Magnum Mining and Exploration (ASX:MGU) has issued an update on its plans to build out infrastructure in Saudi Arabia for a green pig iron project.

In short, Magnum is now preparing to launch the prefeasibility study stage for the Saudi Arabian leg of its proposed operations.

This follows the recent completion of an engineering study.

Patent IP

The company, spearheading the HIsmelt process which it says can unlock its vision, sees an international web underpinning its operations.

The company’s iron ore holdings are located not in MENA but in the USA.

The company wants to build a secondary facility in the Saudi Kingdom as part of its overall footprint. A third party called Midmetal is working with Magnum on assessment.

US listing and webinar

In the background, the company is preparing to also list on a US market.

Magnum senior executives are still in the US this week to return to Australia imminently.

Upon return, the company will throw a webinar for investors.

CEO Neil Goodman will conduct a webinar presentation for shareholders and investors on Monday, February 12.

One may register here.

MGU shares last at 1.7 cents.