Magnetite Mines (ASX:MGT) announced financial results for the quarter ended 30 September 2022.
Downstream iron and steelmaking industry interest in Razorback Iron Ore Project increased consistent with accelerated global transition to ?green steel?.
Increase in initial development scale to 5Mtpa or larger to better match growing market opportunity, taking advantage of first quartile global cost competitiveness.
Evaluation of potential Direct Reduction grade concentrate production suitable for low-emission steelmaking demand.
Optimisation studies to improve mining, processing and logistics efficiencies, reduce project risk and further decrease mine-to-customer cost outcomes.
Valuable technical and risk reduction insights gained from DFS-level engineering completed to date being transferred to refocused DFS for larger-scale Project.
Key Project stakeholder relationships strengthened and permitting advanced.
Company transformation bolstered with appointment of highly-experienced resources executive, Tim Dobson, as Chief Executive Officer.
Following the announcement the company?s share price fell 14.999%.