Verbrec Limited announced its wholly owned subsidiary OSD Pipelines has developed an innovative commercialisation strategy to facilitate and unlock the vast magnetite iron ore deposits in the Mid-West of Western Australia, which has resulted in the signing of a tripartite Heads of Agreement ("HoA") between Anglo American, Australian Gas Infrastructure Group (AGIG) and Cashmere Iron Ltd. Tripartite agreement The non-binding tripartite Heads of Agreement, which has been signed between AGIG, Cashmere Iron Ltd. and Anglo American provides for a period of exclusivity between the parties to negotiate investment, offtake and finance for the Cashmere Downs project. Via the AGIG and Cashmere Iron Ltd. non-binding HoA, the parties contemplate the $3 million PFS to update previous studies, being funded by $2 million from Cashmere and $1 million from AGIG. The PFS update will technically and commercially study the supply of natural gas, water, hydro-transport infrastructure as well as power, renewable energy, hydrogen and port facilities to the iron developer's Cashmere Downs Project. This project would also include the development of a new 570km 20" diameter gas pipeline that would service the Midwest and extend to the Goldfields. The magnetite concentrate would be exported through a shallow water trans-shipping port located in the Oakajee Strategic Industrial Area, north of Geraldton. Cashmere is one of a number of new magnetite-style iron ore mining proposals underpinning the Western Australia's Midwest Shared Infrastructure Project, with Cashmere being the first participant to the shared infrastructure. The infrastructure would service mining companies to utilise the supply of gas, water, power and the hydro-transport export of magnetite ore via a transhipment port at Oakajee.