rennis, yes Magnetite is more expensive to produce, but it comes out as higher valued 65-68% Fe pellets with very low impurities. The Chinese, in particular, will pay a nice premium for it as it helps reduce emissions from their blast furnaces.
Whilst i don't believe MGX would seriously consider buying a magnetite io business/mine (they were talking about diversifying to base metals....), in this day & age of environmental awareness and emission reductions, one should not completely discount magnetite as an inferior product - the Chinese currently prefer it to DSO.....
MGX Discount to cash, page-118
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