Highlights
Magnum enters into an agreement to take up a 50% share ownership of Middle East for Metallic Industrial (Midmetal)
It is intended that Midmetal construct and operate a Green Pig Iron Production Facility in the Kingdom of Saudi Arabia
It is also intended for Magnum Mining & Exploration Ltd to provide iron ore and biochar to the Green Pig Iron Production Facility.
Costs associated with the construction and operation of the Green Pig Iron Production Facility will be shared equally between the Shareholders of Midmetal.
A full financial model has not been completed at this stage due to the early phase the project is in and regulatory constraints. The Board of Magnum are satisfied that the project represents a compelling business case for development.