Australian iron ore miner Magnetite Mines has announced that it has signed a memorandum of understanding with Australian renewable energy company ZEN Energy to work together for the development of green iron production in South Australia.
The agreement provides the framework for collaboration between the two companies regarding the development of Magnetite Mines’ Razorback Iron Ore Project. The parties will also negotiate binding transactions for energy offtake agreements between Magnetite Mines and one or more of ZEN Energy’s projects and related infrastructure sharing or leasing agreements between assets owned by ZEN Energy and Magnetite Mines.