Magnum Mining and Exploration Ltd of Australia has signed an exclusive Green Hydrogen supply agreement with Nevada-based AVF Energy Inc to speed up the production of its Buena Vista magnetite iron ore project in the United States.
AVF Energy will finance and build a commercial-scale green hydrogen plant on the Magnum steel site in Nevada, which will generate hydrogen from waste for steel production. Magnum can obtain green hydrogen at a 10% discount to market rates under the deal, which will be used to manufacture green Hot Briquetted Iron (HBI) and High Purity Iron (HPI) products.
M Resources Trading Pty Ltd has also signed a non-exclusive sales and marketing agreement with Magnum. M Resources will then sell all magnetite, HBI, HPI, pig iron, and steel manufactured in the United States in exchange for 1% to 1.5 percent of monthly sales revenue and a Magnum 20 million stock option with a three-year term.
Buena Vista is a high-tech magnetite iron ore project in Nevada, United States. Magnum declared its intention to purchase the mine in October 2020. All major construction permits have been obtained, and technical work such as exploration, metallurgy, hydrogeology, plant design, and logistics has been completed.
