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Magnum Mining and Exploration launches green pig iron project

Magnum Mining and Exploration has signed a memorandum of understanding with the Saudi Middle East for Metallic Industrial (Midmetal) to establish a joint venture (50:50) for the construction of a green iron plant near the port of Jubail in Saudi Arabia.

Magnum Mining and Exploration launches green pig iron project

Magnum Mining and Exploration (ASX: MGU) has concluded an engineering analysis assessing the technical and economic feasibility of establishing a project focused on producing high-purity pig iron (GHPPI) in Saudi Arabia.

The production capacity of the new enterprise is estimated to be 1.1 million tons per year. Its approximate cost is estimated at an average of $410 million, and more than $80 million will be invested in charcoal production in Malaysia.

As Magnum notes, the use of Hismelt's charcoal-based technology will ensure clean carbon dioxide emissions. Therefore, the metalized raw materials of the Saudi plant will be in demand in Europe as an alternative to scrap, metal, and iron recovered from natural gas.

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