Dome Gold Mines' subsidiary, Magma Mines, and Dayals Steels signed a non-binding memorandum of understanding to purchase magnetite concentrate from the Sigatoka Project in Fiji.

The agreement outlines terms for the potential annual purchase of 30,000 tonnes, with the purchase price to be negotiated.

While Dome is confident in meeting MOU specifications, there needs to be a guarantee of a formal agreement.

Both companies anticipate benefits to Fiji's economy by converting magnetite concentrate to steel products.