Don't compare companies with large haemitite reserves with magnetite companies. The deposits CITIC are developing in the Pilbara are magnetite and have huge startup and cash costs whe compared. FMG recently announced they are looking into developing a mag deposit they have found on their land but the $$'s and reason FMG is what it is is because they have huge reserves of haemitite.
All these companies need to do is dig it up, maybe a bit of crush and screen, and then sell it.
Magnetite operations require a whole other level of infrastructe and processing require time and heaps and heaps of $$.
There is a reason why magnetite operations are only now being considered as potentially viable.
