Ausbiz – Razorback’s premium iron ore to attract decarbonizing China
It’s been a helluva journey for iron ore doyens like Magnetite Mines Technical Director Mark Eames, watching the price break into a trot, then a gallop to record highs as China’s drive to reduce steelmaking emissions sparked a record run of price premiums for high quality iron ore products this year. By way of intro, Magnetite Mines has a huge mineral resource of around 5.7 billion tonnes of iron ore, one hundred per cent owned by Magnetite Mines… and its the good stuff. Located some 200 km from Adelaide, Magnetite’s flagship Razorback takes up most of Mark’s current focus. The rest is taken up reconciling the mining industry with the climate challenge. With ESG credentials now also at a premium, Mark says the miner is ideally placed for a low-emissions footprint for both operations and a higher-grade product helping China’s steel mills with their own emissions targets. And with a high-grade iron ore concentrate at around 68 per cent iron, the pressure to decarbonise, all but ensures Razorback’s product will be in serious demand.
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