Australia-based iron ore company Magnum Mining & Exploration (Magnum) has announced that it has signed a non-binding memorandum of understanding with UK-based miner Anglo American to progress negotiations for the offtake of 100 percent of production from the former’s Buena Vista iron ore project in Nevada, US.
The agreement covers all commercial iron ore products from the project including direct shipping ore and iron concentrate of both blast furnace and direct reduction iron grades.
The Buena Vista project is estimated to annually produce 1.6 million mt of iron ore concentrate over a mine life of 25 years.