South Australian magnetite consortium finds possible offtake partner

ASX-listed Magnetite Mines has announced the signing of a sale and purchase letter of intent (LOI) between the South Australian Magnetite Consortium and a non-Chinese steelmaker for the purchase of one-million tonnes a year of iron-ore concentrate for pelletising purposes. The South Australian Magnetite Consortium comprises Magnetite Mines and Lodestone Equities, which through its subsidiaries FE Mines and Olary Magnetite, holds rights to prospective tenements in South Australia.