Magnetite Mines Limited signed a non-binding Memorandum of Understanding (MoU) with Flinders Ports Pty Ltd, which operates seven ports in South Australia. The agreement requires the parties to investigate suitable existing and proposed port locations for the export of high-grade iron ore products, in the form of magnetite concentrates, from the Company's Razorback Iron Ore Project (Project), with the objective of identifying optimum port options for MGT through the staged development of Razorback over the life of the Project. Flinders Ports proposed development will include the construction of rail to the site, product handling infrastructure and storage sheds, and a rail-offloading tip-pocket.

A conveyor jetty will enable direct loading to large Capesize bulk carrier ships located at berth, without the need for transhipment. The transport of Razorback concentrates directly into Capesize vessels is expected to provide material cost and logistics benefits relative to existing Spencer Gulf port options, all of which are reliant on transhipment (additional handling stages via smaller intermediary vessels which ferry cargo from port to a larger vessel moored in deep water due to size and displacement).