I looked at the MIO Announcement relating to the Lake Giles...

I looked at the MIO Announcement relating to the Lake Giles [Magnetite] Project again. I have no investment interest in MIO, so I did not study the Announcement. Most of what I write below relates to NWH's MET division as a generic magnetite story, irrespective of what project is at issue:

1. Rail haulage to be undertaken by contractor responsible for provision of rolling stock. This not NWH's usual business, but if RCR is to be the provider of the the Kiruna Wagon Helix Dumpers )see https://rcrmt.com.au/kiruna-wagon-helix-dumper/, a BOO-style deal is not out of the question, especially if it comes with a sweetener (other slices of the pie).
2. The cost ($101.05 per dry metric tonne) per tonne of beneficiated magnetite is high compared to the expected selling price of about $170 when considering the uncertainty of costs and prices over the life of mine.
3. Circa 66% Fe is on the low side of the usual 65–70% range for beneficated magnetite. Pure magnetite contains 72.4%. MIO's silica contaminant is at about 6.5%, which is at the high end of the usual 3–7% range. If the smart folk at Primero knew how to tweak the ore to have less silica and more iron, NWH would have a good marketing story to tell, because small improvements in key percentages has a significant impact on the desirability and price of the iron ore. The other aspects (low phosphor and low aluminium contaminants) of the beneficiated ore are very good.
4. A low phosphorous and low aluminium ore is often worth more as part of an established blend, if it can be used to make a relatively large quantity substandard ore (e.g., high phosphorus and/or aluminium) qualify of a standard blend. Because the MIO mine is not close to the major export ports of northern WA, it is probably uneconomical to use its ore as a blend in Australia, but there are blending facilities at the port of Dalian, China.
5. Although RIO owns an integrated portfolio of 17 iron ore mines in the Pilbara that allows RIO to market its Pilbara Blend, the world's most traded iron ore blend, RIO struggles to meet that standard, because Brockman ore has a high phosphorus content, and Pilbara ore generally has a high aluminium content. Via a JV, RIO has blending facilities at Dalian. FMG too has an interest in magnetite as part of a blend. I imagine that blending is substantially achieved via smart ore-handling systems, and if NWH wants to make a name for itself in magnetite, it needs to look into the sort of conveor-belt smarts that I mentioned in an earlier post, with the link https://nextore.com.au/.