Fortescue Metals Group Ltd and Sinosteel have signed a binding Memorandum of Understanding to complete a rapid project assessment of Sinosteel’s Midwest Magnetite Project, with the assessment to include a rail and port development at Oakajee. At the conclusion of the 12 month rapid project assessment and subject to the outcome of that process, Fortescue has the option to acquire up to 50 per cent of the Midwest Magnetite Project and up to 100 per cent of the proposed port and rail infrastructure project.
Fortescue Metals Group Ltd and Sinosteel have signed a binding Memorandum of Understanding to complete a rapid project assessment of Sinosteel’s Midwest Magnetite Project, with the assessment to include a rail and port development at Oakajee. At the conclusion of the 12 month rapid project assessment and subject to the outcome of that process, Fortescue has the option to acquire up to 50 per cent of the Midwest Magnetite Project and up to 100 per cent of the proposed port and rail infrastructure project.
