Only magnetite miners currently beneficiate material around the 30-45%Fe range. The operating costs are currently too high to be feasible in most cases due to the energy required to liberate the iron minerals from the waste. The met properties of the Hamersley iron formations are also not great for beneficiation of magnetite ore as the grain size is too fine.
In the future, maybe they will mine every bit of iron formation in the Pilbara. But this is a long, long way off IMO.
bouncing fmg ideas, page-13
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