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  • Magnetite Mines (MGT) refutes rumours it has launched a formal process to sell any of its assets, including its flagship Razorback iron ore project in South Australia
  • However, the company confirms a “substantial increase” in interest in Razorback from a range of “global iron and steel industry” participants over recent months
  • In support of these discussions, the company has provided access to a virtual data room (VDR) containing asset-level project technical information
  • According to the company, there is no corporate information provided in the VDR, and no proposals have been received to date
  • Shares in the company are up 6.25 per cent and trading at 1.7 cents at 2:03 pm AEDT

Magnetite Mines (MGT) has refuted rumours it has launched a formal process to sell any of its assets, including its flagship Razorback iron ore project in South Australia.

The company referred to an article published in The Australian claiming MGT had launched a sales process over its assets.

While Magnetite said it had not launched any formal process nor appointed advisors in readiness to commence a sales process, the company confirmed it had experienced a “substantial increase” in interest in Razorback from a range of “global iron and steel industry” participants over recent months.

The interest relates to securing access to high-grade iron ore, which is increasingly in demand to support the mandated decarbonisation of the iron and steelmaking industry.

In support of these discussions, the company has provided some interested parties access to a virtual data room (VDR) containing asset-level project technical information.

According to MGT, there is no corporate information provided in the VDR, and no proposals have been received to date.

Magnetite said it welcomed investment interest at the project level and would continue discussions with potential partners in support of the project development.

Shares in the company were up 6.25 per cent and trading at 1.7 cents at 2:03 pm AEDT.

MGT by the numbers
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