Company Overview
The Company is developing its 100% owned Razorback Iron Ore Project located in South Australia’s Braemar Iron Formation with Stage 1 operations designed to produce 5Mtpa of magnetite concentrates, expandable to 10Mtpa. The global steel industry has committed to decarbonise steelmaking and the timing of this development is in line with the forecast increase in demand for premium-quality iron ore products required to produce green iron and consequently green steel. Green iron, which is produced using hydrogen instead of coal, is the key ingredient of “green steel” and is expected to attract a premium price. An explanation of “green iron” can be found here.
Currently Australia does not produce any iron ore or magnetite concentrate products that meet the very high quality specifications required for green iron production. The Company’s Razorback Iron Ore Project can produce the required specification of DR-grade, very low impurity products necessary for green iron production and is designed to deliver long-term supply of magnetite concentrates to enable a new green iron production and export industry.
Razorback: Expansive, soft, outcropping iron ore in an outstanding location
6 Billion
Tonne Resource
240 km
Northeast of Adelaide
Magnetite Mines holds a substantial Mineral Resource Estimate of 6 billion tonnes across its wholly-owned tenements, situated approximately 240 kilometers northeast of Adelaide. The Razorback Iron Ore Project stands out due to its unique geographical features. Unlike harder magnetites found elsewhere, the iron ore here is nestled within soft siltstone, requiring minimal stripping for extraction.
Additionally, the project benefits from excellent existing infrastructure, including access to heavy haul rail, iron ore ports, and high-voltage grid power. Notably, the access to renewable energy positions Razorback for a significantly reduced carbon footprint, aligning perfectly with the industry's growing focus on sustainability.
THE SA ADVANTAGE
South Australia:
World-Leading
Green Iron Potential
South Australia is rapidly emerging as a strong candidate for the future production of green iron for regional export with the following features:
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Geographically close to southeast Asian steel producers
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Stable, mining friendly jurisdiction with a track record of long-term mining partnerships
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Enthusiastic and supportive government
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World-leading transition to 100% renewable energy on grid by 2027
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Vast reserves of magnetite-based iron ore capable of being upgraded to DR-grade, that is required to support the long-term investment in HBI production and export facilities.
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Committed to the development of a hydrogen-based direct reduction iron (DRI) plant by 2030 | Global call to arms for SA's push to decarbonise iron
Magnetite +
Renewable Energy +
Green Hydrogen
With abundant magnetite in the Braemar iron region, a world-leading gigawatt-scale renewable energy grid, a strong Government commitment to green hydrogen production, and proximity to existing industrial infrastructure, CEO Tim Dobson highlights South Australia’s once-in-a generation green iron opportunity.
Our Environmental, Social and Governance Statement affirms our commitment and demonstrates that we have the foresight to contribute to the effort to address some of the most challenging global issues through our dedicated actions at local and regional levels.
foresight is Magnetite Mines’ sustainability program driving ESG-related actions in the project scoping and design stages. As the traditional iron ore sector transitions to a new future centred on sustainable practices, Magnetite Mines emerges as a producer of high-grade iron feedstocks with a collaborative sustainability culture embedded from the outset. Our project delivery will demonstrate pathways to net zero carbon operations, nature-positive outcomes, actions that support and build resilient communities and adaptive governance. Our adoption of and alignment with global standards builds credibility and opportunity.
