In summary;- Magnetite is labour intensive and most times not...

In summary;- Magnetite is labour intensive and most times not economical to extract to the Port unless the infrastructure is set up (like railway lines, good roads and close to Port). It requires a a shit load of capital expenditure and just to carry out a feasibility study costs millions. Silica content in magnetite also determines whether it is commercially viable to extract/mine for magnetite.

On the other hand Hematite is DSO (Direct Shipping Ore). This is what you want FXR to discover. Dig it up, very little treating, load onto trucks/trains and deliver to Port. However, recent rises in energy and fuel costs will make it more amd more difficult for junior explorers/producers to extract iron ore at a profit whether magnetite or hematite.

The great thing for FXR is that it has a very small commitment from Jinchuan to take it higher. However, an $18 million investment from Jinchuan does not mean success for FXR. It's not a lot of money to invest given the size of Jinchuan (operating revenue of $6.1 billion). Their investment represents 0.3% of their operating revenue.

Iron ore is primarily found as the oxides or iron, notably haematite and magnetite and hydroxides as goethite and limonite. Small amounts are found as the carbonate siderite, the sulfides as pyrites and silicates as chamosite and greenalite.

Broadly iron ores may be grouped as: Direct shipping ore generally better than 60 per cent iron (Fe) which is mined and used in blast furnaces requiring only simple preparation.
Beneficiable ore which contain as little as 25 per cent Fe though upgradable to around 60 per cent Fe by magnetic or heavy media separation.
The presence of impurities such as sulfur, titanium, silica and alumina, and the friability influences and even preclude any commercial value. About 75 per cent of ore mined in WA contains more than 55 per cent Fe and is of the Haematite type. This ore is found in BIF where the silica in the primary BIF (of 30 per cent Fe) has been replaced by iron oxide to contain more than 60 per cent Fe.
About 20 per cent of ore is of the limonite form which is of similar iron content to the haematite ore of around 55 to 60 per cent iron but containing some water.
About 5 per cent is of the clastic haematite form and is found in Yampi sound, Cockatoo Islands (island northwest of WA) and has a high average iron content of 67 cent (and little phosphorus).