Magnetite is a naughty word in Australia. The only 2 large scale magnetite projects to make it to production in Australia were complete lemons. One cost over $10 billion and counting, the other $3 billion and counting. Neither reached nameplate production or grades.
Lest we forget CITIC's rusting lemon and the ASX listed GBG (Karara - a JV with GBG and Ansteel). I don't think any profit has ever been continually funded by guarentees from China. Otherwise they would have gone under.
FMG, don't touch the poison chalice known as magnetite. Maybe diversify into other materials such as copper, coking coal or even gas.
FMG New Magnetite Project, page-12
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