A scoping study into the Razorback iron project, in South Australia, has confirmed ASX-listed Magnetite Mines’ view that the project could be economical, prompting the company to seek funding to progress to a prefeasibility study.

The scoping study showed that a small-scale, staged operation producing high-grade concentrate from a lower cost initial operation would be the preferred option, with the established transport-related infrastructure the preferred approach to delivering the high-grade iron product to market.

“The scoping study has confirmed the board’s view that the Razorback iron project is uniquely placed within the global high grade iron market as the infrastructure required to develop the project is largely in place with spare capacity available and the project amenable to staging,” said Magnetite chairperson Peter Schubert.

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