ASX-listed iron ore company Magnetite Mines (ASX:MGT) has signed a memorandum of understanding (MoU) with the District Council of Peterborough in support of the Razorback Iron Ore Project in South Australia.
The company reports the MoU is ‘unique’ in nature and establishes a ‘strong’, collaborative commitment to the responsible and sustainable development of Razorback and its interactions with local communities.
The terms of the MoU enable broad level strategic support for the project with the objective of bringing together the District Council of Peterborough to collaborate on matters of shared local interest, including to maximise ‘significant’ social, environmental, employment, and other economic opportunities.
The MoU will support engagement between Magnetite and the District Council of Peterborough, and with local residents, business, and other entities.
Other terms of the agreement include identifying opportunities to develop, fund, or manage shared infrastructure, as well as providing a structure to consider support for ancillary developments that may benefit the Razorback Project, its local workforce, and local stakeholders.
The company says Peterborough is the logical gateway to Razorback, and notes it stands to realise the ‘significant’ benefits from the project’s activities with over $290 million in additional economic activity and almost 60 jobs for over a generation.
Commenting on the MoU, Magnetite Mines Chief Executive Officer (CEO) Tim Dobson says: “We are truly excited to partner with the District Council of Peterborough with an agreement that reflects both party’s commitments to working together in the best interests of all stakeholders.
“Magnetite Mines is determined to role model sustainability leadership through all phases of the Razorback Project and this unique MoU is an example of that commitment”
Magnetite Mines is determined to role model sustainability leadership through all phases of the Razorback Project and this unique MoU is an example of that commitment.
Our actions today establish a foundation for positive community relationships ahead of decades of projected production from Razorback and the massive Braemar Iron region, and we look forward to creating the opportunity for economic growth and jobs in the Peterborough and surrounding communities.
Magnetite reports an economic impact analysis completed by economic research consultants BDO EconSearch has modelled the potential benefits arising from the construction and operation phases of the Razorback Project. The analysis predicts considerable economic contributions from the project through the construction and operations phases on local, regional, and state levels.
District Council of Peterborough Mayor, Ruth Whittle says: “The District Council of Peterborough welcomes the opportunity to enter into a memorandum of understanding with Magnetite Mines that will provide the basis for both parties to work collaboratively on achieving the social and economic outcomes for the long-term benefit of the community.
This is a momentous occasion for the council and the community that provides optimism for planning a sustainable future founded on employment prospects, business opportunities, and potential population growth.
“This is a momentous occasion for the council and the community that provides optimism for planning a sustainable future founded on employment prospects, business opportunities, and potential population growth”
The council will be working closely with Magnetite Mines to understand the infrastructure upgrade needs, development requirements for businesses, and residential growth opportunities to support the mine development during the initial construction phase and into full operations.”
Magnetite Mines is an ASX-listed iron ore company focused on developing magnetite iron ore resources in the Braemar iron region of South Australia. The company’s portfolio includes the Razorback and Muster Dam Iron Ore projects.
Images: Magnetite Mines Ltd
