Magnetite Mines CEO Tim Dobson joins Proactive’s Jonathan Jackson to discuss the signing of a Heads of Agreement with JFE Shoji Australia, a subsidiary of JFE Shoji Corporation.

This agreement outlines the terms for negotiating a binding transaction. JFE will provide funding for the completion of the Razorback Iron Ore Project's Definitive Feasibility Study (DFS) and, in return, will receive rights to up to 10% of the ‘DR-grade’ magnetite concentrate production over a 15-year period. JFE also has the option to convert these rights into equity or joint venture participation.

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