Magnetite Mines Ltd (ASX:MGT) has signed a memorandum of understanding (MoU) with the District Council of Peterborough underpinning the collaborative development of the Razorback iron ore project.

Located 250 kilometres north of Adelaide in South Australia, the council consists of the Peterborough, Yongala and Oodla Wirra townships, and — according to a joint statement to the ASX this morning — is primed to become the Razorback project’s key service centre.

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