Magnetite Mines updates Razorback Project study

• Magnetite Mines updated the scoping study for its Razorback Iron Ore Project.
• The company's share price remained unchanged following the market announcement.
• The business is seeking to streamline project development and lower long-term operational risks.

Magnetite Mines (ASX:MGT) released a revised scoping study for its Razorback Iron Ore Project that incorporates key changes to simplify operations and enhance economics.

The updated plan removes the requirement for a coastal desalination plant and pipeline by transitioning to a saline water supply system.

“The study work is being done at the scoping study level, incorporating substantial changes aimed at simplifying the Project development plan. While there are material changes designed to improve economic potential, some key elements of the previous studies have been retained," said Magnetite Mines Executive Chair Scott Lowe.

The study additions feature a dedicated rail spur connecting to the main network and a plan to prioritise higher-grade mining zones in initial years.

Following the announcement, the Magnetite Mines share price was unchanged at $0.020.

The company is currently negotiating with South Australian regulators regarding its mining lease application following the revised project configuration.

Royalty partner ProspEx is assisting the business as it evaluates potential funding options to support future feasibility studies.