My experience with magnetite is it requires lots of water to process it up to 67%fe cheaply and a business I was involved in is already pumping highly saline water through their plant due to water restraints. There are magnetic systems around which we had an Australian University and a Chinese University working on but my understanding is it's pricey and a bastard to maintain. China is buying up many magnetite mines and I know of 2 businesses that operate in WA where their strategy is to secure more magnetite asap.
85m of 80% Magnetite at Sortekap SODD001, page-41
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