Magnum Mining & Exploration Limited (ASX:MGU) Signs Co-operation Agreement with Wickers Group
Agreement Details
Magnum Mining & Exploration Limited has signed a cooperation agreement with Sweden’s Wickers Group to jointly develop technologies for producing pulp, bio-chemicals, and green pig iron. The collaboration aims to combine Pulp and Paper plant technologies with HIsmelt technology, utilizing excess steam from the HIsmelt plant to heat the Pulp Plant. The agreement spans two years and targets projects in Europe and North America.
Executive Comments
Magnum Non-Executive Director Neil Goodman commented, “Wickers have developed a combination of existing Pulp and Paper industry technologies that will produce pulp and lumber from pulp timber and forestry waste, and co-produce biochar, green fertiliser, bio-alcohol, proteins and bio-CO2. The biochar will be a great reductant for a HIsmelt furnace that will smelt iron ore and steel plant waste to produce green pig iron. As an extra bonus, the HIsmelt plant produces excess steam from its waste gas, and this can be fed back to the Pulp Plant to provide heat for the processes.”
Wickers CEO Mikael Carlsson commented, “Wickers looks forward to working with Magnum to develop the synergies between our Pulp and Paper technologies and the HIsmelt technology. We call this combination the ‘BioCombine’ and our teams have starting working together to attract investors and industry partners, and investigate potential sites for the first BioCombine plant.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.