Magnum Mining & Exploration partners with Saudi Arabia's Midmetal to pioneer a green pig iron facility. They will co-fund a study to use eco-friendly Hlsmelt technology and produce high-quality pig iron with zero net carbon emissions, leveraging Magnum's iron ore from Nevada.
Magnum Mining & Exploration has embarked on an ambitious project with Midmetal of Saudi Arabia. Together, they're investing in a study that could revolutionize the steel industry by creating green pig iron. This iron would be made using a cutting-edge method that leaves no carbon footprint, making it a premium, eco-friendly product.
Both companies are splitting the cost of this feasibility study, which will examine the practicality of using Hlsmelt technology in Saudi Arabia. This method involves melting iron ore from Magnum's mine in Nevada with waste from Saudi steel mills. They'll use a special kind of charcoal made from renewable plant materials, known as biochar, to smelt the ore into pig iron.
The study isn't just about whether they can make pig iron without hurting the environment, it's also about whether it makes financial sense. They'll look into how much it would cost to set up and run the plants for making pig iron and biochar and the potential profits.
This isn't just any pig iron. Because it's made without releasing any extra carbon dioxide, it can be sold as a "green" product. perfect for markets in Saudi Arabia, the Middle East, North Africa, Europe, the USA, and Asia, where there's a growing demand for materials made with less pollution.
They're not wasting any time, either. Magnum and Midmetal plan to get all the agreements for money, partnerships, and supplies lined up as they're doing the study. They're looking to wrap up by the end of 2023.
This project is right in line with a global push to make less pollution, especially in heavy industries like steelmaking. Europe, for example, is planning to make companies pay extra if they make steel the old, dirty way.
Hlsmelt is set to shake things up. It's a new way to make pig iron that doesn't need some of the costly and complex steps traditional methods do. It's cheaper, cleaner, and makes high-quality pig iron that's especially good for making steel with low pollution.
This initiative is big news for Magnum. With Midmetal on board, they can fast-track their Nevada iron project and start making green pig iron before the bigger companies catch up.
Magnum Mining & Exploration and Midmetal's partnership marks a significant step towards sustainable metal production. Their innovative approach to creating green pig iron could lead to a cleaner steel industry, in alignment with global environmental goals. By the end of 2023, the feasibility study may not only confirm the viability of this eco-friendly product but also set a new standard in metallurgy.