Name of the Project
Razorback iron-ore project.

Location
Braemar iron-ore province of South Australia.

Project Owner/s
Green Iron SA, a consortium comprising Magnetite Mines, Aurizon, Flinders Port and GHD.

Project Description
The project comprises the Razorback Ridge and Iron Peak deposits.

An update on Razorback, completed in June 2023, has modelled two development scenarios, based on mine schedules that produce an estimated 2.3-billion tonnes of life-of-mine (LoM) ore from the indicated and inferred mineral resources.

In the base case, the update envisages a fixed-output, five-million-tonne-a-year operation, without any expansion, over a 91-year LoM.

In the expansion case, the update envisages staged expansion from five-million tonnes a year to ten-million tonnes a year after five years. In this scenario, the project has a mine life of 39 years.

Conventional openpit mining methods will be used in both scenarios, followed by conventional magnetite ore processing to produce a high-grade concentrate product (67.5% to 68.5% iron). A tailings stream will be used for on-site storage.

Concentrate truck haulage to existing rail infrastructure is planned for the base case scenario, with rail transport to the port at Whyalla for export by transshipping.

The installation of a rail spur to site is planned for the proposed expansion case.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Capital expenditure in the base case is estimated at between $1-billion to $1.3-billion. In the expansion case, capital expenditure is estimated at between $2.3-billion and $2.8-billion.

Planned Start/End Date
First shipment of premium concentrate is expected at the end of 2024.

Latest Developments
Magnetite Mines has secured major project status from the Australian government for the project.

The designation, awarded by Federal Industry and Innovation Minister Tom Ayres, took effect on February 11, and will remain in place for three years. Razorback is now one of only 27 projects nationwide to actively hold major project status and is currently the only iron-ore project in Australia on the federal major projects list.

To qualify for major project status, Magnetite Mines demonstrated that Razorback meets criteria, including strategic significance to Australia, contribution to economic growth and exports, and major benefits to regional communities. Projects are subjected to complex federal approvals; they must also be commercially viable and have the resources to progress through regulatory processes.

The designation is expected to assist with priority approvals in 2026 – including those under the Environment Protection and Biodiversity Conservation Act for mining and water supply infrastructure – native title agreements and potential foreign investment approvals.

Magnetite Mines has also started engagement with the Department of Industry, Science and Resources’ Future Made in Australia implementation branch to prepare an Australian Industry Participation Plan under the Australian Jobs Act, outlining opportunities for domestic suppliers and service providers.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Magnetite Mines, tel +61 8 8427 0516.