Magnetite Mines welcomes MOU with Pacific Partnerships

Melbourne, Victoria --News Direct-- Magnetite Mines Ltd

Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson tells Proactive the company has signed a non-binding Memorandum of Understanding with Pacific Partnerships - a subsidiary of CIMIC Group. The purpose of the agreement is to support the development and – potentially – financing of the Razorback Iron Ore Project as well as to establish a foundation for Early Contractor Involvement.

Dobson commented: "We are thrilled to explore a partnering relationship with Pacific Partnerships. Our Razorback Iron Ore Project will be a very large, long-term venture and needs a corresponding partnering approach to support development and financing. This collaboration reflects our commitment to deliver a world-class project and we look forward to working closely with Pacific Partnerships and unlock the full potential of Razorback for the benefit of all shareholders."

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

jonathan@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/magnetite-mines-welcomes-mou-with-pacific-partnerships-394463250