Thanks groundhog. The Grange 2017 annual report is a great read,...

Thanks groundhog. The Grange 2017 annual report is a great read, especially page 6, IMO summarises the magnetite industry really well. The make-up of the top 20 holders is very interesting together with the current board. Prices commanded are high but so is OPEX, still they seem to be doing ok even with the higher exchange rate in 2017. Plenty of cash on hand. Page 2 has a picture of the plant which illustrates IMO the issues of high CAPEX.

IMO we have been spoilt by being historically rich in DSO so no company has taken the risk on the CAPEX/OPEX (everything being so expensive in Aus doesn't help). Longer term, assuming the fundamentals of requiring higher grade iron ore remains unchanged, hopefully, there is some company with the foresight to invest in the magnetite industry.

AHN is looking to sell its magnetite byro project located in the mid-west. M09/166 FE1, they estimate producing FE concentrates of 68% to 70%, further refinement to 71.5% to 72%+ FE. They are dubbing this as "bulk super purity" and "bulk high purity". Mt Narrayer ML also seemed to provide similar grades, using the same process (I think). Final product seems to be aimed at niche markets as opposed to the steel mills. They did provide an estimate of annual throughput for M09/166 FE1, but copped a slap on the wrist for doing so lol. One of the claims it made "The process developed... achieved with significant cost advantage...", IMO remains to be seen how much $$$ advantage actually is.

Do hold AHN, frustratingly so right now, not here to cross-promote, we are discussing magnetite, and they seem to be the only other party doing any work around magnetite atm. If the sale does go through (I have my reservations on this), that could be the next Magnetite project in Aus, hopefully helps builds some momentum leading way to other projects...