Magnum Mining and Exploration (ASX:MGU) is conducting a comprehensive review of its supply strategy after the US declared the imposition of a 25% tariff on steel and aluminum imports, according to a Thursday Australian bourse filing.
The firm is focusing on boosting local ore supply opportunities for the US market, the filing said.
Its Chief Executive, Neil Goodman, is currently visiting China to engage with The Luli Group, who own Shandong Luli Iron and Steel, a major Chinese steel manufacturing firm.
Luli recently purchased the HIsmelt plant in China and technology intellectual property from Shandong Molong Petroleum Machinery and has restarted production of pig iron at their facility.
Magnum and Luli agreed to jointly develop new agreements on the development of the HIsmelt technology in China, the US, the Middle East, Europe, and Asia.
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