The reason being is, this is not about mining Magnetite anymore. This is about Green Politics. Magnetite can be sourced anywhere in the world.
It's now a race to secure the support of your Countries Govt. (don't expect Aus to be enthusiastic about it).
There are others in this race as well, besides Magnum to secure HIsmelt Licensing. Don't forget Twiggy, Gina, Rio and other Countries.
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The reason being is, this is not about mining Magnetite anymore....
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