Yep all magnetite is concentrated (like at Savage River Kara...

Yep all magnetite is concentrated (like at Savage River Kara etc) some Mt LIndsay ore is around 10 to 18 % magnetite, this gets conc. to about 85% (hence the premium) then GRR turn it into pellets others dont. So yes i agree not sure if it would have been profitable at $20k/t, but if you work backwards (and add all the minerals up) and take ARs assumption of $150/t to mine and process, with tin at $50k per tonne we can make profit above 0.45% tin equiv. (with rounding and this is pretty rough new BFS needed really). This is why i think they are now aiming at the higher grade skarns closer to Renison, with grades of 1% or better it very quickly would add to the tin resource. Bring on the assays of the latest drills.
I still dont think MLX will toll process ore they wont have any spare capacity to process VMS ore even if it could be economic for VMS. MLX will be flat out making their money processing their own, and looks like its going to be a huge 1/4 for them. Lets hope it continues.