Magnetite has a great future - below are a few comments about CITIC's $3.5Bn magnetite project. CITIC Pacific Sino Iron project is a world class, large-scale magnetite iron ore project located at Cape Preston, 100km south west of Karratha in Western Australias Pilbara region. It is the largest planned magnetite project in Australia. Project Value : US$3.5 billion CITIC Pacific Mining's Sino Iron project will produce both magnetite concentrate and magnetite pellets. The chemical name for magnetite is ferrous-ferric oxide and its chemical formula is Fe3O4. The concentrate from the Sino Iron project will be a superior product for steel making because it will have a higher iron content (approximately 67 percent) with lower impurities than traditional products. The magnetite product will contain virtually no undesirable phosphorous or alumina. In addition, less energy is required to process Sino Iron magnetite concentrate into steel in comparison to hematite products from the Pilbara, meaning it has an overall net global benefit in terms of carbon pollution reduction. World wide about 50% of steel is made using magnetite.
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