Magnetite Mines (ASX:MGT) has announced the results of optimisation studies for its 100% owned Razorback iron ore project, in the emerging Braemar iron ore province of South Australia.
Magnetite Mines says the studies have identified the optimum development pathway for the project, commencing with an initial capacity of 5Mtpa concentrate output, with potential to expand to 10Mtpa after five years.
It also says a new JORC-compliant Probably Ore Reserve calculated with a 340% increase in tonnage from 473Mt to 1,615Mt based on a 5Mtpa production scenario, not including Iron Peak.
Magnetite Mines says DFS-quality metallurgical studies have also been completed, substantially de-risking process design, flowsheet, and equipment selection - all based on well-proven, industry standard technologies.