Magnum Mining and Exploration (ASX:MGU) shares up on “green iron” progress

• Magnum Mining and Exploration (MGU) shares closed today’s trading session in the green after updating the market on its “green iron” project
• The company is in the process of planning its Buena Vista green iron project situated in the US state of Nevada
• In its update to the market, MGU advised it had completed its initial mine plan and pit design for the operation for the first two years of the operation
• Magnum Mining and Exploration shares closed today’s session up 6.25 per cent to trade at 6.8 cents

Magnum Mining and Exploration (MGU) shares closed today’s trading session in the green after updating the market on its “green iron” project.

The company is in the process of planning its Buena Vista green iron project which is situated approximately 160 kilometres away from Reno in the US state of Nevada.

In its update to the market, MGU advised it had completed its initial mine plan and pit design for the operation for the first two years of the operation.

The company also said it had wrapped up the acquisition of 104 acres of land adjacent to the railway line at the project, which it plans to develop into a “logistic hub” for the project to host product stockpiles.

Testing is said to be underway for MGU’s biochar rotary kiln in China, which is in the process of producing the company’s first “green” sponge iron / direct-reduced iron samples using this method.

Magnum Mining and Exploration Managing Director Mr Dano Chan said the company was “perfectly placed” to supply the US domestic steel market.

“With our own low-cost in-house iron ore and abundant local biomass supply, Magnum remains on track to achieve its vision to be a highly profitable producer of green iron and to achieve this in a relatively short timeframe serving rapidly growing markets,” Mr Chan said.

Magnum Mining and Exploration shares closed today’s session up 6.25 per cent to trade at 6.8 cents.