Technically possible, economics of the proposition and the associated risks is a key.
Ashley, if you remember him, proposed scheme like this based on his observations on what is done in China.
FMG is involved in hematite enrichment pilot scheme in JV with others. It appears not wholeheartedly. In general, they didn't spend enough on research and development. Even now they are obsessed with C1 costs as it would matter much whether it is $12 or $13. Billions are at stake as you rightly observed.
This would be a perfect topic for discussion, there is lot of information available, mostly technical.
Even iron ore is going high tech.
Iron ore price, page-2254
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