Magnetite is currently being mined on the East coast to supply the whole Bowen Basin( coal mines). They use three main types and hence three different beneficiation processess depending on the intended use.
a) Magnetite powder This is used in the coal washing industry and currently done in QLD
b) Magnetite lump Suitable for feed stock in the steel milling industry
c) Magnetite fines Suitable as a heavy medium in the pipe weight coating industry
Hence, this means that there are seperate beneficiation circuits to produce a range of saleable product strains.
Mining of BIF( bed rock) Mt Oscar
This process involves coarse crushing and screening, followed by rough crushing and grinding and then placed under a magnetic seperator leaving the quartz behind.
Key economic parameters involve;
1)Crystallinity of the magnetite 2)Grade of the BIF ( Host rock ) 3)Contaminant elements
The typical grades at which BIF become economic is 25% Fe, which can generally yield a 33-40% recovery of magnetite by weight, to produce a concentrate in excess of 64%.
This concentrate typically has;
A) less than 0.1 % phosphorous, B) 3-7% silica c) less than 3% Aluminium.
Most magnetite BIF is currently mined extensively in Brazil, which exports significant quantities to Asia and there is a nascent and large magnetic iron ore industry in Australia.
Once again, larger quantities and already the fabrication of a magnetite plant next door, makes Apollo worth some serious dollars.
AON Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)