Iron ore giant Fortescue and Sinosteel have inked a Memorandum of Understanding (MoU) for a 12-month rapid project assessment of Sinosteel’s Midwest Magnetite Project in Western Australia.
According to the official announcement, once the project assessment is complete, and subject to the results of that assessment, Fortescue can acquire up to 50% of the Midwest Magnetite Project and up to 100% of the proposed port and rail infrastructure project.
The signing of this MoU demonstrates Fortescue’s commitment to the company’s strategic pillars of investing in the long-term sustainability of its iron ore business, according to Fortescue Chief Executive Officer, Elizabeth Gaines.
“We look forward to working with Sinosteel on the next steps for this important project for Western Australia which, in addition to the magnetite and infrastructure development, offers the opportunity for a co-ordinated project combining Fortescue’s iron ore and infrastructure pedigree with Fortescue Future Industries’ green energy objectives,” Ms Gaines said.
“Future development including a renewable, green hydrogen hub in the Midwest region at Oakajee would deliver a large-scale resources and renewables project for Western Australia, further underpinning our enduring relationship with China.”
“Sinosteel, like other pioneers in developing the Midwest region, has long cherished the vision of developing this world-class magnetite project in this area. This world-class project is reflected not only in the scale of resources, ore processing characteristics and product quality, but also in the huge renewable energy potential. Today, we are pleased to welcome our new partner in this visionary path, Fortescue,” added President of Sinosteel Group Corporation Ltd. Andong Liu.
“Fortescue is not only a leading iron ore producer, but also a pioneer in green energy initiatives. In this cherished land of the Midwest, we are confident that together with Fortescue we will make the Midwest a low-carbon, green, high-quality iron ore centre and lead a new era of magnetite development in the Midwest.”
