Magnetite Mines, ZEN Energy Sign MoU to Explore Green Iron Development in South Australia; Shares Down 3%

MT Newswires Live07-18

Magnetite Mines (ASX:MGT) has signed a non-binding memorandum of understanding with ZEN Energy to develop a green iron industry in South Australia, the miner said in a Thursday filing with the Australian bourse.

Under the deal, the two companies will be able to negotiate potential binding transactions, which may include an energy offtake agreement between Magnetite Mines and ZEN's energy projects, infrastructure sharing or leasing agreements between their assets, farm-in, offtake, co-venturing, or partnering arrangements related to the Razorback project, and participation in future green iron projects.

Shares of Magnetite Mines fell over 3% in recent trade.

Price (AUD): $0.30, Change: $-0.01, Percent Change: -3.23%

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