Magnetite Mines Limited (ASX:MGT) is celebrating the signing of a Memorandum of Understanding (MOU) with District Council of Peterborough in support of the Razorback Iron Ore Project in South Australia.
The MOU is unique in nature and establishes a strong, collaborative commitment to the responsible and sustainable development of the Razorback Project and its interactions with local communities.
“We are truly excited to partner with the District Council of Peterborough with an agreement that reflects both party’s commitment to working together in the best interests of all stakeholders,” Magnetite Mines CEO, Tim Dobson, said.
“Magnetite Mines is determined to role model sustainability leadership through all phases of the Razorback Project and this unique MOU is an example of that commitment. Our actions today establish a foundation for positive community relationships ahead of decades of projected production from Razorback and the massive Braemar Iron region, and we look forward to creating the opportunity for economic growth and jobs in the Peterborough and surrounding communities.”
Magnetite Mines, with an inventory of 6Bt of iron ore resources, is primed to open up South Australia’s massive, but until now undeveloped, Braemar Iron region. The production of premium-quality magnetite iron ore concentrates from the Razorback Project is key to the emergence of an entirely new “green iron” industry for the state, with green iron production hubs set to emerge in the Upper Spencer Gulf region in support of the urgent decarbonization of the global steel sector.
The terms of the MOU enable broad level strategic support for the Razorback Project with the objective of bringing together the District Council of Peterborough, Magnetite Mines and key stakeholders to:
* collaborate on matters of shared local interest, including to maximize significant social, environmental, employment and other economic opportunities
* support engagement between Magnetite Mines and the District Council of Peterborough, and with local residents, businesses and other entities
* identify opportunities to develop, fund or manage shared infrastructure
* provide a structure to consider support for ancillary developments that may benefit the Razorback Project, its local workforce and its local stakeholders.
For further information please visit: https://magnetitemines.com/
