The skepticism about Magnetite Mines (MGT) is understandable, given its history of no profitability and reliance on shareholder handouts and loans ¹ ². However, it's worth noting that MGT is developing a significant project, the Razorback Iron Ore Project, with an estimated 6 billion-tonne resource .This project aims to produce high-grade iron feedstocks, aligning with the global steel industry's shift towards sustainable practices.
Key Project Highlights• Location: 240 km northeast of Adelaide, South Australia• Resource: 6 billion tonnes of magnetite iron ore• Production Capacity: 5Mtpa (expandable to 10Mtpa)•
Unique Selling Point: Soft siltstone iron ore, requiring minimal stripping for extraction. While concerns about government investment in infrastructure solely benefiting MGT are valid,
South Australia's enthusiasm for green iron production and its commitment to 100% renewable energy by 2027 might just tip the scales
CEO Tim Dobson's efforts to highlight South Australia's potential for green iron production could potentially attract government support.
There is always a response to your opinion JasK
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