- Macarthur Minerals Limited (MMS) has signed a cooperation agreement with Jin Sung International Pte Ltd.
- The Jin Sung Group is a large, diversified producer of construction products with a procurement and trading business
- The agreement sets out terms for an equity investment in Macarthur’s iron ore and non-iron ore assets
- A potential transaction between the parties may take the form of an equity investment by Jin Sung, or the provision of direct project financing
- Macarthur Minerals Ltd is an exploration and development company
- Macarthur Minerals Limited (MMS) opened trading on the TSX-V at C$0.44 per share
Macarthur Minerals Limited (MMS) has signed a cooperation agreement with Singapore-based conglomerate Jin Sung International Pte Ltd.
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 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 US$700 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.
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 and its intended listing on ASX later this year.
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 of 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 organizations. 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.”
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects.
Macarthur Minerals Limited (MMS) opened trading on the TSX-V at C$0.44 per share.
