Magnetite Mines builds green iron ore vision in pivotal March quarter

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(NewsDirect)

Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson is back with Proactive’s Elisha Newell to deliver the highlights of the company’s latest quarterly report.The first three months of 2024 saw MGT make headway on several key endeavours as it continues to shape the cornerstone Razorback Iron Ore Project, where it's out to deliver premium ‘DR-grade’ iron ore concentrates to support emerging demand from the decarbonising iron and steelmaking industry.Over the quarter, the company made headway on its strategic partnering discussions, with due diligence completed by several key groups and transactional negotiations in progress. This process took company reps to Japan and Saudi Arabia to engage in face-to-face meetings with some prospective partners, which accelerated relationships with several of MGT’s target groups.Another highlight was a memorandum of understanding inked with the Port Pirie Regional Council, which positions the district as a future hub for green iron production and potential downstream processing. More broadly, Dobson says MGT is focused on aligning the company’s vision with both state and federal governments to foster support for Razorback’s development alongside the emerging ‘green iron’ industry.Progress was also made on a key regulatory milestone: Magnetite Mines' Razorback mining lease proposal is now 90% complete, with submission expected during the current quarter. All things considered, Dobson says the iron ore hopeful is ramping up for another busy season as it works to bring its sustainable magnetite vision to life.