Yes and not one single magnetite project with billions of tonnes in resources -not a couple of truck loads - has got off the ground yet -except a historical mine in Tasmania and Cape Preston which cost around $16 billion dollars -and we still don't know if that is profitable at current iron ore prices. No less than fifty magnetite mining aspirants telling the same old story but no one is going to give them the billions of dollars to produce the concentrates that they are all promoting. Stick to hematite - RIO -BHP wont touch magnetite with a barge pole and all FMG revenue is thus far still all DSO.
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