Magnetite Mines (ASX:MGT) has submitted a mining lease proposal to the South Australian Department for Energy & Mining for its flagship Razorback Iron Ore Project.
The submission marks a step toward developing a long-term magnetite supply chain for green iron production.
The Razorback Project aims to produce 5 million tonnes per year of premium-grade magnetite concentrates, aligning with the recently announced Federal Green Iron Fund.
The mining lease will provide secure tenure for construction, mining, and ore processing operations.
Managing Director Tim Dobson stated, "The MLP submission represents not only the starting line for iron ore mining at Razorback, but the opening of an entire new Australian mining province with the potential to support green iron production and export for generations into the future, and the profound economic prosperity that comes with that."
Magnetite Mines has secured a partnership with JFE Shoji Australia and formed the Green Iron consortium, advocating for South Australia’s role in green iron production.
The project's 56-year mine life, with potential expansion to 91 years, includes open-cut mining, ore processing, infrastructure development, and sustainable water and energy solutions.
At the time of reporting, Magnetite Mines' share price was $0.14.