Magnetite Mines announced a non-binding heads of agreement with JFE Shoji Australia, a subsidiary of JFE Shoji Corporation under JFE Holdings.

The agreement sets the framework for negotiating a binding transaction to complete a definitive feasibility study for the Razorback Iron Ore Project.

Under the agreement, JFE will fund the definitive feasibility study and receive rights to up to 10% of Stage 1 production of "DR-grade" magnetite concentrate over 15 years.

Magnetite Mines and JFE aim to finalise a Definitive Agreement by Jan. 31, 2025.