Magnetite Mines signs MoU with Flinders Ports

Magnetite Mines Limited (ASX: MGT) has signed a non-binding Memorandum of Understanding (MoU) with Flinders Ports Pty Ltd, which operates seven ports in South Australia, to investigate suitable port locations for the export of high-grade iron ore products from the company's Razorback Iron Ore Project. The objective is to identify optimum port options for MGT through the staged development of Razorback over the life of the Project. A key feature of the Project is its location in South Australia, with nearby rail access to both existing and new proposed port locations on the eastern Spencer Gulf.

The parties will investigate all possible export options for the staged development of Razorback, including the potential to access what could be the first deepwater port in the Gulf at Myponie Point, an option that will allow bulk loading of products onto very large ore carrying vessels without the need for transhipment. Flinders Ports is South Australia's leading port operator and is looking forward to working with Magnetite Mines to provide an optimised port option for the staged development of the Razorback Iron Ore Project.

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