Magnetite Mines signs MoU with ZEN Energy for Green Iron development

Proactive - Interviews for investors

Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson joins Proactive’s Jonathan Jackson to discuss a non-binding Memorandum of Understanding (MoU) with ZEN Energy, an Australian renewable energy company. The MoU aims to develop a Green Iron industry in South Australia using premium-grade magnetite concentrates and renewable energy. The agreement outlines potential collaborations, including energy offtake agreements, infrastructure sharing or leasing and partnering arrangements for MGT’s Razorback Project. The companies also aim to participate in future Green Iron projects. Dobson emphasised the shared vision for a Green Iron industry, leveraging Razorback’s magnetite concentrates and ZEN’s renewable energy. This collaboration aims to position South Australia as a leader in exporting Green Iron, contributing to economic growth and a low-carbon future. In the announcement, Anthony Garnaut, CEO of ZEN Energy, highlighted the significance of the collaboration, noting that it represents a major new load to connect to the grid. The partnership aims to establish new value chains for Green Iron production, particularly around Port Pirie, supporting Australia’s vision of becoming a renewable energy superpower. The MoU outlines collaboration on project development, funding, farm-in and farm-out options, co-venturing opportunities, knowledge sharing and partnering with governments. It also includes potential green iron project developments, such as pellet plants, DRI/HBI plants, hydrogen plants and logistics infrastructure. The MoU expires in July 2025 if no binding transaction is reached. South Australia’s abundant renewable energy resources and plans for green hydrogen and iron position it well for sustainable steelmaking, potentially establishing the first green iron production facility by 2030. #ProactiveInvestors #MagnetiteMines #ASX #ZENEnergy, #GreenIron, #SouthAustralia, #RenewableEnergy, #MemorandumOfUnderstanding, #RazorbackProject, #SustainableSteel, #HydrogenEnergy, #ElectricArcFurnace, #LowCarbon, #EconomicGrowth, #GreenSteel, #IronOre, #FutureTechnology, #EnergyCollaboration, #CleanEnergy, #EnvironmentalSustainability, #IronProduction, #ProjectDevelopment #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews