Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Magnetite Mines Limited
  6. News
  7. Summary
    MGT   AU000000MGT5

MAGNETITE MINES LIMITED

(MGT)
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Magnetite Mines : RFC Ambrian Group Limited - Termination of Razorback Farm-In Discussions with Magnetite Mines Limited

10/30/2020 | 12:14pm EDT

RFC Ambrian Group Limited's (RFC Ambrian) wholly owned subsidiary company Braemar Mining Developments Pty Limited (BMD) and Magnetite Mines Limited (MGT) have concluded that a proposed transaction whereby BMD earn an interest in MGT's the Razorback Iron Ore Project (Farm-in) will not proceed.

The proposed Farm-in terms were announced by MGT on the ASX on 15 June 2020 with the agreement being in a non-binding form and including a condition that BMD raise $5 million of funding within four months in order to proceed to earn an initial 30% interest in the Razorback Project. On 15 September 2020 BMD's directors advised MGT's directors that BMD had waived the funding condition as RFC Ambrian would be providing internal group funding to proceed with the Farm-in.

MGT's directors subsequently advised BMD that MGT was not prepared to advance the Farm-in further on the earn-in percentage and funding contribution terms announcement by MGT on 15 June 2020 but wished to alter these in favour of MGT.

The MGT proposal to change the agreed non-binding terms would disadvantage BMD and was therefore rejected by BMD.

Contact:

Tel: + 61(0)2 9250 0000

Fax: + 61(0)2 9250 0001

(C) 2020 Electronic News Publishing, source ENP Newswire

All news about MAGNETITE MINES LIMITED
06/29MAGNETITE MINES : Announces Maiden Ore Reserve for Razorback Iron Project; Shares Fall 11%
MT
06/29Magnetite Mines Limited Announces Ore Reserve for the Razorback Iron Project
CI
05/23Magnetite Mines Upgrades Razorback Iron Project in South Australia; Shares Jump 13%
MT
05/23Magnetite Mines Limited Announces Update from Razorback Iron Ore Project Mineral Resour..
CI
05/07MAGNETITE MINES : Raises $5.5 Million for Razorback Iron Ore Project in South Australia; S..
MT
03/15Magnetite Mines Limited Names Peter Schubert as Interim Chief Executive Officer
CI
03/15Magnetite Mines Limited Names Mark Eames as Technical Director
CI
03/09Magnetite Mines Widens Loss in July-December 2020 on Higher Employee Benefits Expenses
MT
03/08Magnetite Mines Limited Reports Earnings Results for the Half Year Ended December 31, 2..
CI
03/01Magnetite Mines Receives Grant of Muster Dam Iron Project
MT
More news
Financials
Sales 2020 - - -
Net income 2020 -0,37 M -0,27 M -0,27 M
Net Debt 2020 1,25 M 0,90 M 0,90 M
P/E ratio 2020 -9,20x
Yield 2020 -
Capitalization 75,5 M 54,5 M 54,7 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 91,2%
Chart MAGNETITE MINES LIMITED
Duration : Period :
Magnetite Mines Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MAGNETITE MINES LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Managers and Directors
Peter Schubert Executive Chairman & Chief Executive Officer
Frank DeMarte Chief Financial Officer & Secretary
Mark Richard Eames Technical Director
Malcolm Roger Joseph Randall Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
MAGNETITE MINES LIMITED71.43%50
BHP GROUP-11.03%133 836
RIO TINTO PLC-13.95%105 747
ANGLO AMERICAN PLC2.04%41 624
GRUPO MÉXICO, S.A.B. DE C.V.-1.30%32 100
SAUDI ARABIAN MINING COMPANY (MA'ADEN)95.80%26 019