ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada. Magnum has inked a memorandum of understanding (MoU) with Anglo American to progress negotiations towards a binding transaction, covering all commercial iron-ore products from Buena Vista, including direct shipping ore (DSO) and iron concentrate of both blast furnace and direct reduction iron grades.
PERTH – ASX-listed Magnum Mining & Exploration has flagged a potential offtake deal with mining major Anglo American over all of the iron-ore produced from the Buena Vista iron project, in Nevada.
The MoU is non-binding and any potential agreement between the two companies would be subject to a due diligence process, Magnum told shareholders on Friday. The scoping study estimated capital cost of between $182-million and $378-million and an operating cost of between $44/t and $90/t, with the internal rate of return ranging between 26% and 54%, and the net present value between $360-million and $745-million.
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