Magnum Mining and Exploration Limited (AU:MGU) has released an update.
Magnum Mining & Exploration Limited has partnered with V Capital Consulting Limited and 2×1.Digital to raise at least $210 million to fund a Green High Purity Pig Iron plant in Saudi Arabia. This capital will also provide Magnum with a minimum of $10 million in working capital for the Buena Vista Project, offering investors up to a 19.99% interest in Magnum and a 50% stake in Midmetal upon shareholder approval. The planned facility aims to leverage innovative HIsmelt technology utilizing environmentally friendly processes and materials.
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