Actually Sydney6791 - you are quite incorrect. As shown below in...

Actually Sydney6791 - you are quite incorrect. As shown below in this company announcement (and many others) they clearly state what their true Fe percentage is.

My second point is that I don't think you understand the chemical makeup of Magnetite. Magnetite has less impurities, and is therefore preferred for high quality steel products, and as such commands higher prices in the market.

The magnetite is layered with both high and low quality FE% layers. When averaged, yes it's less than 20%. But when it's processed it becomes the highest percentage iron ore product available for steel making. A simple way to explain it is they seperate the low FE product from the high FE product, and sell the good stuff at a super high price.

The initial low FE % is irrelevant- as it's about the concentrate final end product that provides a much higher FE % than even FMG's iron ore mines in WA. Mining magnetite at a similar grade is common world wide.

Here is another fact, did you know that one third of the worlds steel production uses Magnetite ?

I think you need to DYOR as I have, in fact, I even studied it at University and have a degree to prove it, and also by the fact that I have worked in mining for years, including at FMG.

So next time you want to try and tell me about percentage levels of an Ore body, think to yourself, have you studied it at University for 4 years and worked in the industry for 10 years, or have you just done 5 minutes research on the internet ?