Special Report: An “accelerated development program” for Magnetite Mines’ (ASX:MGT) 4 billion tonne Razorback iron ore project is now underway.

Iron ore is on fire heading into 2021.

Magnetite Mines — after a substantial rerating of its share price in 2020 — was able to fully fund an all-important Pre-Feasibility Study after shareholders supported a successful rights issue.

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

The ultimate aim is to develop an enhanced ‘blueprint’ for a world class operation — a low capital, long life, and high grade project that offers high returns to shareholders and funding partners.

The Razorback PFS should be completed during the first half of 2021, the company says. After that a final feasibility study will be launched, which will lead to financing, construction and offtake discussions.

The company is aiming to ship its first ore as early as 2024. These economic studies include a bunch of different work programs crucial to the success or failure of a project.

Key focus areas for the PFS will include geology, mining, ore sorting, processing/metallurgy, infrastructure, water, logistics and shipping, and environmental, social approvals and land access.

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