Magnum Mining & Exploration (ASX:MGU) is investigating the potential establishment of a critical minerals processing hub at the Huxley and Colado sites in Nevada, US.
The staged development strategy is aimed at allowing Magnum to begin with a small-scale modular smelter producing antimony products, with capacity to expand through the installation of additional modular units as feed supply and offtake agreement grow.
Magnum, which has a market capitalisation of $18.54 million, intends to pursue eligibility under the FAST-41 program, a US Federal initiative, which coordinates and accelerates permitting of critical infrastructure projects.
Discussions with key permitting consultants have begun and formal engagement is anticipated over the coming weeks.
Chairman Michael Davy says the company is positioning to be part of that solution by investigating the establishment of the Lovelock Critical Minerals Processing Hub.
“We are aiming to develop US-based antimony and rare earth element processing facilities on company-owned ground, strategically located on Interstate-80 with rail access and near Hawthorne Military Depot, a key US facility for critical minerals stockpiling,” Davy says.
The Lovelock Hub site comprises the Colado and Huxley sites. Colado covers 104 acres, while Huxley covers 769.9 acres.
Magnum Mining and Exploration is an Australia-based company which is engaged in iron ore concentrate and green pig iron production.
Write to Aaliyah Rogan at Mining.com.au
Images: Magnum Mining and Exploration
