Magmatic Resources Ltd (ASX:MAG) managing director Adam McKinnon joins the Proactive studio after the junior explorer secured mining giant Fortescue Ltd (ASX:FMG) as a cornerstone investor. The Andrew Forrest-backed miner snapped up 76 million MAG shares at a 10% premium to net a near-20% interest in the precious and base metal player. In addition to the investment, a Fortescue subsidiary has committed $14 million over the next six years to earn a 75% stake in MAG’s Myall copper-gold project. With a mineral resource already boasting 293,000 tonnes of copper, 237,000 ounces of gold and 2.8 million ounces of silver, McKinnon says Myall has all the hallmarks of a tier-one deposit.
Magmatic Resources brings Fortescue into the fold at Myall copper-gold play
