Name of the Project
Razorback iron-ore project.

Location
Braemar iron-ore province of South Australia.

Project Owner/s
Magnetite Mines.

Project Description
The project comprises the Razorback Ridge and Iron Peak deposits.

An update on Razorback, completed in June 2023, has modelled two development scenarios, based on mine schedules that produce an estimated 2.3-billion tonnes of life-of-mine (LoM) ore from the indicated and inferred mineral resources.

In the base case, the update envisages a fixed-output, five-million-tonne-a-year operation, without any expansion, over a 91-year LoM.

In the expansion case, the update envisages staged expansion from five-million tonnes a year to ten-million tonnes a year after five years. In this scenario, the project has a mine life of 39 years.

Conventional openpit mining methods will be used in both scenarios, followed by conventional magnetite ore processing to produce a high-grade concentrate product (67.5% to 68.5% iron). A tailings stream will be used for on-site storage.

Concentrate truck haulage to existing rail infrastructure is planned for the base case scenario, with rail transport to the port at Whyalla for export by transshipping.

The installation of a rail spur to site is planned for the proposed expansion case.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Capital expenditure in the base case is estimated at between $1-billion to $1.3-billion. In the expansion case, capital expenditure is estimated at between $2.3-billion and $2.8-billion.

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

Latest Developments
Magnetite is undertaking several activities to complete a definitive feasibility study and project partnering process, namely securing/derisking critical infrastructure, including water supply and port capacity; value engineering to further reduce project capital and operating costs for the new project configuration; and confirming land access arrangements.

Key Contracts, Suppliers and Consultants
None stated.

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