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 lodged a detailed mining lease proposal (MLP) with the South Australian government.

The submission dovetails with the Australian federal government’s unveiling of a A$1-billion Green Iron Fund in February, aimed at leveraging the country’s vast renewable-energy and magnetite resources. South Australia, under Premier Peter Malinauskas, has also thrown its weight behind the cause, launching a Green Iron and Steel Strategy and soliciting proposals for a new industrial ecosystem. 

Magnetite Mines, through its Green Iron consortium, with partners such as Flinders Ports and Aurizon, is positioning Razorback as the foundational supply chain piece. The consortium has been pitching Razorback as the bedrock of South Australia’s green iron ambitions.

The Department for Energy and Mining will now start a validity review, expected to conclude by mid-2025, followed by public consultation.

Key Contracts, Suppliers and Consultants
None stated.

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