ASX-listed Magnetite Mines and Lodestone Equities are collaborating with Shandong Steel International, to develop the magnetite resources of South Australia’s Mawson iron province, following a non-binding letter of intent (LoI) signed on Friday. Shandong is a provincially owned steel mine in China’s Shandong province, which currently produces 22-million tonnes a year of raw steel. The steel company is also building a new nine-million-tonne-a-year steel mill and deepwater port complex in the coastal city of Rizhao, also in Shandong province.
