Lincoln Minerals (ASX:LML) has signed a memorandum of understanding (MoU) with Cape Hardy, Revera Energy’s privately held subsidiary, to conduct a scoping study at the Eyre Magnetite Project in South Australia.
The scoping study will assess the potential of processing magnetite from the project, which is fueled by Revera’s green hydrogen.
The two companies will work together ahead of a potential joint venture for a direct reduced iron pellet plant to use green hydrogen as an alternative fuel in the induration process, instead of natural gas.
Lincoln CEO Chris Wilcox says the company is delighted to work with Revera, due to its leadership team with “deep expertise across global renewable energy development, project and structured finance, power and commodity trading, risk management, and engineering”.
“There is substantial potential value in Lincoln’s 100% owned magnetite resources. Studies have shown that the resources can produce a high quality product with favourable metallurgical characteristics,” Wilcox says.
“We are excited to be partnering with Revera to explore a pathway to commercialising these assets by leveraging the detailed studies previously completed.
“This MoU allows Lincoln to create shareholder value from the magnetite assets without taking our focus off the Minbrie Copper Project.”
Revera is an independent energy infrastructure platform backed by global investment firm Carlyle (NASDAQ:CG), focused on developing the Cape Hardy Green Hydrogen Project (CHGHP), located 80km north of Port Lincoln.
Lincoln Minerals is a copper, uranium, graphite, and magnetite explorer focused on advancing its portfolio of assets located in South Australia.
Write to Maddison Elliott at Mining.com.au
Images: Lincoln Minerals
