Magnetite Mines' wholly owned Razorback Iron Ore Project in South Australia's Braemar Iron Formation is undergoing preliminary revised scoping work. The configuration uses conventional processing with saline water, prioritises higher-grade mining areas in early years and includes a 55km rail spur to the main rail line. Further work includes drilling to convert Inferred resources to Indicated, saline-water recovery testing and rail and port capital engineering. The Company is engaging with the South Australian Department of Energy and Mining on the changed configuration and Mining Lease application requirements. Advancing the scoping study to provide production and financial information, followed by a new PFS and ultimately DFS, remains subject to funding. Sale, partial sale or joint venture are potential alternatives.
- Country
- Australia
- Commodity
- Fe
- Stage
- PEA