Macarthur Signs Strategic Co-Operation Agreement With Diversified Conglomerate Jin Sung International
June 15 2021 - 8:00AM
Macarthur Minerals Limited (ASX: MIO)
(TSX-V: MMS) (OTCQB: MMSDF) (the “Company” or “Macarthur”)
is pleased to announce that it has signed a Cooperation Agreement
(“Agreement”) with diversified Singaporean-based conglomerate Jin
Sung International Pte Ltd (“Jin Sung”), paving the way for a
potential strategic investment into Macarthur’s iron ore and
non-iron ore assets.
Established in 1967, the Jin Sung Group is a
large, diversified producer of construction products with a
procurement and trading business. Jin Sung is headquartered in
Singapore and has diversified interests in a range of producing
businesses and is also involved in the procurement and trading of
coal, clinker, aggregate, molybdenum concentrate, copper cathodes,
gold and silver. Jin Sung is now partnering with Macarthur under a
non-binding Co-operation Agreement to explore the potential to
bring high grade iron ore and battery minerals into its diverse
portfolio of investments.
The Jin Sung Group’s interests had a total sales
turnover of some USD700 million in 2020. The majority of the
Group’s 2020 turnover was attributable to its construction
interests, predominantly in concrete products which have formed an
integral part of a post Covid-19 infrastructure-led recovery. The
Group’s significant international operations are focused in
south-east Asia, and include Korea, Singapore, Malaysia, Indonesia,
Vietnam, Myanmar and Bangladesh.
The non-binding Cooperation Agreement sets out
the terms and conditions upon which the Parties intend to progress
discussions on the development of a transaction involving a
strategic equity investment in Macarthur’s iron ore and non-iron
ore assets (at the project level). Following completion of further
due diligence, a strategic investment into Macarthur by Jin Sung
would be subject to the execution and closing of definitive
transaction documentation. The Agreement also facilitates a
continuation of potential investment discussions between Jin Sung
and Infinity Mining Limited with respect to Macarthur’s Australian
non-iron ore assets following a successful spin-out of those assets
on into that entity and its intended listing on ASX later this year
(see the Company’s recent announcement regarding the Infinity
Mining Limited transaction dated 11 June 2021 (here).
A potential transaction between the parties may
take the form of a strategic equity investment by Jin Sung into
Macarthur’s iron ore assets or non-iron ore assets, or provision of
direct project financing.
Mr Jung Sung Chun, Director of Jin Sung
commented:
“We are very glad to have established a
long-term perspective ‘win-win’ partnership with Macarthur
Minerals through the Signing Ceremony for the Cooperation
Agreement, and we look forward to deepening our strategic
relationship with them.”
Richard Moon, General Manager,
International Sales & Marketing for Macarthur Minerals
commented:
“Macarthur has worked collaboratively with Jing
Sung’s management over several months, and this Agreement
represents a material step forward in the relationship between our
two organisations.
Jin Sung has a significant business presence in
Korea as well as Southeast Asia and I have been particularly
pleased to have led the development of this engagement for
Macarthur over here in Seoul.”
Andrew Bruton, CEO of Macarthur Minerals
commented:
“Macarthur is very pleased to be co-operating
with Jin Sung. We look forward to building a strategic relationship
with them into the future and to working with them on a mutually
beneficial investment as the Company’ exciting transition into
production continues.”
On behalf of the Board of Directors, Mr Cameron McCall,
Chairman
For more information please contact:
Joe Phillips |
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Managing Director |
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+61 7 3221 1796 |
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communications@macarthurminerals.com |
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Investor Relations – Australia |
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Investor Relations - Canada |
Advisir |
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Investor Cubed |
Sarah Lenard, Partner |
|
Neil Simon, CEO |
sarah.lenard@advisir.com.au |
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+1 647 258 3310 |
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info@investor3.ca |
Company profileMacarthur is an
iron ore development, gold and lithium exploration company that is
focused on bringing to production its Western Australia iron ore
projects. The Lake Giles Iron Project mineral resources include the
Ularring hematite resource (approved for development) comprising
Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred
resources of 26 million tonnes at 45.4% Fe; and the Lake Giles
magnetite resource of 53.9 million tonnes (Measured), 218.7 million
tonnes (Indicated) and 997 million tonnes (Inferred). The JORC
reporting tables and Competent Person statement for the magnetite
and hematite mineral resources have previously been disclosed in
ASX market announcements dated 12 August 2020 and 5 December 2019.
Macarthur has prominent (~721 square kilometer tenement area) gold,
lithium and copper exploration interests in Pilbara region of
Western Australia. In addition, Macarthur has lithium brine Claims
in the emerging Railroad Valley region in Nevada, USA.
About Jin Sung International Pte
LtdJin Sung International Pte Ltd was established in 1967.
It has large, diversified holdings in construction products, and
has a commodity procurement and trading business that is presently
focused on coal, clinker, aggregate, molybdenum concentrate, copper
cathodes, gold and silver. Jin Sung is headquartered in Singapore
and has operations in Korea, Singapore, Malaysia, Indonesia,
Vietnam, Myanmar and Bangladesh.
This news release is not for
distribution to United States services or for dissemination in the
United States
Caution Regarding Forward Looking
StatementsCertain of the statements made and information
contained in this press release may constitute forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. All statements herein, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Mineral Reserves or the eventual mining of the
Project, are forward-looking statements. The forward-looking
statements in this press release reflect the current expectations,
assumptions or beliefs of the Company based upon information
currently available to the Company. Although the Company believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. Readers are cautioned not to
place undue reliance on forward-looking statements due to the
inherent uncertainty thereof. Such statements relate to future
events and expectations and, as such, involve known and unknown
risks and uncertainties. The forward-looking statements contained
in this press release are made as of the date of this press release
and except as may otherwise be required pursuant to applicable
laws, the Company does not assume any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/5f9173b8-faf8-4b1c-9280-cceb4614773c
https://www.globenewswire.com/NewsRoom/AttachmentNg/38a8e581-fc33-42ac-ae0f-3329e2f3c621
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