-- Metallurgical testwork at lab/pilot scale generates high-grade concentrates from selected stage 1 flowsheet
-- Potential to produce Direct Reduction (DR) grade concentrates with flow sheet optimisation
-- Comminution testwork shows ore body requires low-to-medium crushing and grinding energy
-- Vertical Roller Mill (VRM) testwork indicates potential for an alternative method for low energy, fine grinding of ores. Potential for VRMs to feature as a low OPEX alternative in early stage grinding
-- Magnetite Mines to proceed immediately with comprehensive metallurgical test program to assess suitability of Razorback ores for premium Direct Reduced Iron concentrates and further VRM bulk testing and analysis
Magnetite Mines Limited (“MGT” or “the Company”) is pleased to announce positive interim metallurgical results confirming the Company’s ability to produce high-grade concentrates with low gangue mineralogy (silica and alumina). The testwork to date has also identified the opportunity for premium Direct Reduced Iron (DR) concentrates from the Razorback Project (“the Project”) ores. To date, analysis incorporating the full flow sheet has produced concentrates exceeding the design specification of 67.5% iron and 4.5% Silica + Alumina, with one bulk sample producing 69.7% iron with 2.6% Silica + Alumina. This represents a very high-quality concentrate product with a low waste component which attracts premium pricing and significant demand from steelmakers for use in decarbonising steel mills.
The testwork program designed and managed by global magnetite experts Hatch, is currently in progress and has been designed to verify and establish metallurgical performance of the process flow sheet and plant design. Subject to further analytical updates, the work program is a significant addition to the existing metallurgical knowledge base and incorporates leading edge analytical techniques to fully characterise and technically derisk the ore deposit for every stage of the process flow sheet.
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