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Magnetite Mines is closing in on key PFS for Razorback iron project

3 May 2021


Magnetite Mines remains on track to deliver a pre-feasibility study for the Razorback iron ore project in South Australia in the current quarter.

This is thanks to the receipt of initial  capital and operating costs estimates for the project from the company’s contractors, partners and suppliers engaged in completing studies, proposals and quotations for input during the March quarter.

These studies, which comprise the various PFS Chapters, are now in the optimisation phase and are nearing completion.

During the March quarter, Magnetite Mines’ (ASX:MGT) directors also shifted into senior operational positions to accelerate development of Razorback while progressing the marketing strategy.

The company was also awarded the Muster Dam tenement that includes the Muster Dam project, which has an older JORC 2004 inferred resource of 1.5 billion tonnes, and has a range of potential synergies with Razorback.

Executive chairman Peter Schubert says the company remains on track and on budget with its plans to deliver a robust, high-grade iron ore business.

“The PFS, currently well-advanced, aims to arrive at a single go-forward option that provides a sound and compelling business case across the range of iron ore pricing scenarios,” he added.

“Importantly, the PFS scope envisages a capital efficient, long-life mine producing an attractive high grade iron ore product.”

Schubert also noted that while the company is designing Razorback to compete throughout the commodity cycle, strong demand and a muted supply response supports robust iron pricing.

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