While this has proved a truly decisive year for iron ore project developer Magnetite Mines (ASX:MGT), 2021 could be even bigger.

Australian iron ore is fuelling an infrastructure and property boom in China, where hungry steel mills are producing more than 90 million tonnes a month. Mining giants like Fortescue (ASX:FMG) and Rio Tinto (ASX:RIO) are struggling to keep up with demand — and it shows. Prices are currently testing multi-year highs.

Enter the new generation of iron ore miners like Magnetite Mines (ASX:MGT) which is developing the mammoth 4-billion-tonne, high grade Razorback magnetite mine in South Australia.

Magnetite is now working on a mine development plan which is “realistic, low capital and quick to market”, chairman Peter Schubert says.

The company is aiming to ship its first ore in 2024.

“We have made great progress in defining an effective and efficient development pathway to bring the Razorback high grade iron ore project into production and we are convinced that this will offer attractive returns for shareholders,” Schubert says.

“In the last few months, we have been investigating the applicability of selective mining and ore sorting, we have commenced a rigorously scoped Pre-Feasibility Study and we have been heartened that shareholders took the chance to invest in our future journey together.

“Thanks to the strong support of existing and new shareholders during the year, I am pleased to report that not only is your company financially sound, but the PFS is funded.”

The company continues to own 100 per cent of the Razorback project – “an advantage that we will not give away lightly”, Schubert says.

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