- Magnum Mining and Exploration (MGU) partners with Renex Group to potentially produce biochar for a proposed MGU pig iron facility in the United States
- MGU says Renex’s leading pyrolysis technology is “safe, reliable and proven”
- The plant will produce biochar, replacing the PCI and anthracite coals that are commonly used in blast furnaces and electric arc furnaces
- It will allow Magnum to produce “green” and “net-zero carbon” pig iron, critical for steelmakers to produce green steel
- Shares in MMG close 4.17 per cent lower at 2.3 cents per share on Wednesday afternoon
Magnum Mining and Exploration (MGU) has signed a memorandum of understanding (MoU) with Renex Group to potentially produce biochar for a proposed MGU pig iron facility in the United States.
Under the partnership, Renex will produce the biochar using its leading pyrolysis technology, which Magnum said had been operating successfully in Australia and was “safe, reliable and proven”.
Following years of extensive research and developmental efforts, Renex developed a unique intellectual property related to producing biochar.
Magnum will operate the biochar plant, which could be in operation as early as next year, alongside Renex.
The plant will produce biochar in an effort to replace the PCI and anthracite coals that are generally used in blast furnaces and electric arc furnaces.
Magnum said it would continue developing its Buena Vista mine in Nevada and its pig iron project that would also utilise biochar.
Alongside today’s MoU, Magnum announced it completed a digital twin, which is a collection of simulated data from all production facilities stored on a database.
The data will be used in the future on actual plants, helping Magnum to audit and certify the carbon credits captured through the use of sustainably sourced biomass.
Shares in MMG closed 4.17 per cent lower at 2.3 cents per share on Wednesday afternoon.