firb approval granted, page-15

"I've obviously been suckered into Lodestone :P however we know little of the deposit except the fact that it has size - 1 billion tonne potential. Grades, impurities, and processing are all a mystery to us."

Gindaldan, may I ask why you believe you have been "suckered" into Lodestone?

Correct we need information on the geology and metallurgy. However BIF (Itabirite) ore is valuable and sought after once processed. This has a significant cost offset that is often overlooked. There is ample factual evidence to support this.

If, and I say if, Lodestone eventually proves up a 1b tonne + quality Itabirite ore and the JV is not prohibitive, then you have been far from suckered.

As an aside, Aussies still find it very difficult to get their head out of hematite ore as being the be all end all of Fe. The facts are now showing that the worlds hematite quality is falling, FMG being a classic case. Processed Itabirite ore has none of the negatives of some of the hematite.

By the way, there are deposits of BIF all throughout the pilbara being mined. Mt. Whaleback (BHPB) has a BIF deposit.

A long way to go and I realise there are still hurdles regarding this. Just perplexed as to why you use the term you have.