Tempest Minerals (ASX:TEM) signed a memorandum of understanding with Green Steel and Iron to explore potential development opportunities for its Remorse magnetite deposit in Western Australia, according to a Friday filing with the Australian bourse.
The collaboration aims to leverage Green Steel's green steel production expertise and the company's Yalgoo project iron ore deposit, the filing said.
The companies will also explore financing synergies and develop a long-term business plan, according to the filing.
Tempest Minerals shares rose 20% in morning trade Friday.
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