Magnetite Mines is an ASX-listed iron ore company focused on the development of magnetite iron ore resources in the highly-prospective Braemar iron region of South Australia. The Company has a total Mineral Resource Estimate of 6 billion tonnes across a portfolio of tenements – all 100% owned – located approximately 240km northeast of Adelaide.
The Company’s current focus is its flagship Razorback Iron Ore Project which is comprised of the Razorback and Iron Peak deposits. The Project has many unique geographical advantages. The iron ore is hosted in siltstone which is soft relative to WA magnetite ores and the resource outcrops, allowing for minimal stripping. The Project also benefits from access to existing infrastructure and is located close to heavy rail and iron ore ports. High-voltage grid power is available from the South Australian grid, which is forecast to be 100% renewables powered by 2030. The Project’s access to grid-scale renewables gives it a distinctive advantage in reducing, and possibly eliminating, the carbon footprint associated with its operations.
* 03 October 2023 (AUD)