Magnetite Mines Ltd (ASX:MGT) is making strong progress in efforts to optimise the Razorback Iron Ore Project in South Australia aimed at increasing the project’s commercial status while meeting evolving market conditions.

The company kicked off a suite of optimisation studies in September last year aimed at defining the go-forward scope for a refocused definitive feasibility study (DFS), which is due for completion at the end of this quarter.

Among the key objectives, MGT plans to increase Razorback’s production to at least 5 million tonnes per annum from the current 2.2 million tonnes while also improving the project’s environmental credentials through producing higher-grade iron ore concentrates and the potential electrification of major equipment.

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