on CoTec Holdings Corp. (CVE:CTH)
MagIron Moves Forward with Acquisition of Reynolds Pellet Plant
VANCOUVER, BRITISH COLUMBIA – CoTec Holdings Corp. announces MagIron LLC's acquisition of the Reynolds Pellet Plant in Indiana. CoTec holds a 16.5% stake in MagIron. This acquisition is a pivotal part of MagIron's strategy to produce Direct Reduction grade pellets and to become the first integrated merchant pig iron operation in the U.S.
The Reynolds Pellet Plant, previously integrated with MagIron's Minnesota facility, will enhance MagIron's ability to restart pellet production. With plans for expansion, MagIron aims to reduce U.S. dependence on foreign pig iron imports.
The acquisition underwent thorough due diligence, confirming the feasibility of MagIron's operational restart plans. MagIron is collaborating with Primetals Technologies to assess the expansion for granulated pig iron production, necessary for securing U.S. supply chains in key industries.
R. P.
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