Anglo American and Magnum Mining have signed a memorandum of understanding

Anglo American have signed a memorandum of understanding for the transfer of assets of the Buena Vista iron ore complex in Nevada, USA. Anglo American plans to acquire 100% of the complex for an undisclosed amount, focusing on ore mining, blast furnace production, and iron reduction.

In September 2023, Magnum announced plans to change the business model of the complex, aiming to launch "green pig iron" production with the Saudi Middle East for Metallic Industrial (Midmetal) using HIsmelt technology and bio-coal. The Buena Vista complex has a 25-year life expectancy and can produce 1.6 million tons of iron ore concentrate per year.