Vlad,The upgrade will be at 17% (or somewhere between 17 and...

Vlad,
The upgrade will be at 17% (or somewhere between 17 and 21%). So if we use 800Mt at 17% for example, then the contained metal is 136Mt. The 70% that you referred to is the DTR result, which is the Fe concentrate and is the product after mining and processing on-site.

Now not all magnetite deposits are the same so the grind size is very important when it comes to production costs. In IRD's case they are fortunate to have coarse grain sizes which makes the ore very easy to separate from the gangue, keeping energy costs low and making Boo Loo very attractive compared to its competitors.