via The AustralianMagnetite Mines doubling plans for Razorback to 5Mtp a year to meet demandWith the increasing demand for premium iron ore products, Magnetite has ramped up the scale of the initial Razorback project development to at least 5Mtpa.The increase from the previous small-scale 2.5Mtpa development, targeting a blast furnace #ironore concentrate product, is aimed at taking full advantage of the large resource base, available infrastructure and attractive mineral processing characteristics of Braemar ores.Greater size is also expected to increase Razorback’s attractiveness to potential iron and steel industry partners and customers, institutional investors, and project financiers.On top of the move to increase the scale of its development, Magnetite Mines is now carrying out optimisation studies to investigate a range of higher-grade iron ore products, potentially including high-value direct reduction (DR) grade concentrates.Following completion of these studies, the Company will carry out a refocused definitive feasibility study which will take advantage of all transferable outcomes from studies and work programs completed to date.“In raising its sights, the Company is responding to direct evidence of rapidly-evolving market conditions associated with the decarbonisation requirements of the iron and steelmaking industry,” CEO Tim Dobson said.“The current #Razorback ore reserve represents only 11% of the Company’s mineral resources, so this strategic shift to a larger initial production scale better aligns the project with the resource potential, while still taking advantage of the abundant existing infrastructure that will support a pragmatic, staged development agenda.”Read more: https://loom.ly/jaUEr_4#MGT#MagnetiteMines#IronOre#ASX…more
