slow day, page-5

The BRM resource unfortunately appears to be a blatant ramp. Even their DSO is CID and lowish grade.

The silica content in the 40% stuff is incredibly high as is usually the case with the detrital stuff. First of all it is so high that even if you wanted to do it there would be a high cost to reducing it. Secondly silica in hematite is typically chemically bound to the iron which means you can't just magnetically separate it like in magnetite.

This means an extra chemical silica extraction circuit. Coupled with the fact that hematite is not magnetic so instead of a cheap magnetic separator you now need a flotation circuit to get the grades up.

This 1bt resource will incur more capex and opex than an equivalent magnetite resource, and they've even admitted that the end product will be inferior 57% stuff.

This is a prime example of the market not understanding the finer details and reading "hematite" and going ... wow

There is a reason why nobody beneficates 40% hematite on a decent scale, as far as I know. Happy to be proven wrong and all the best to the BRM holders.

Cheers
UIO