Name of the Project
Razorback iron-ore project.

Location
South Australia.

Project Owner/s
Magnetite Mines.

Project Description
A new prefeasibility study has shown the potential for the production of a superpremium, high-grade (67.5% to 68.5% iron) magnetite concentrate from the Razorback project.

The study confirms the opportunity to fast-track a high-return, long-life development of the large-scale resource at Razorback using a staged approach to produce an attractive concentrate.

The PFS is based on a robust 473-million-tonne ore reserve within a much larger resource of three-billion tonnes.

The base case envisages a 12.8-million-tonne-a-year plant, producing 1.9-million tonnes of superpremium concentrate.

At an increased throughput of 15.5-million tonnes, production is estimated at 3.1-million tonnes a year.

The study has focused on using existing road, rail, port and utilities infrastructure in the region, and the immediate vicinity of the project, to ensure that capital expenditure requirements are kept to a minimum.

The project has an estimated 25-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the long life optimised case, the project has a net present value of A$669-million and an internal rate of return of 20%.

Capital Expenditure
Capital expenditure is estimated at between A$572-million and A$675-million.

Planned Start/End Date
First shipment of premium concentrate is expected at the end of 2024.

Latest Developments
Magnetite Mines has reported that preparation for a prompt start of a definitive feasibility study is well advanced, with further drilling, testwork, metallurgical investigation and engineering work plans in progress.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Magnetite Mines, tel +61 8 8427 0516.