Magnetite Mines Limited (ASX:MGT) is an Adelaide-based ASX-listed development-stage company advancing the Razorback Iron Ore Project located in the Braemar region of SA, Australia’s emerging iron ore mining region.
The Razorback High Grade Iron Ore Project is the Company’s flagship project in the Eastern portion of the Braemar. The Project contains a 3.0 billion tonne Mineral Resource and 473 million tonne Probable Ore Reserve, estimated as part of a Pre-Feasibility Study released in July 2021. The Company has a total Mineral Resource of 5.7 billion tonnes of iron ore within the Braemar Iron Formation.
The Pre-Feasibility Study was completed using an iron ore price (62% Fe) of US$110 with the 20+ year mine life projecting a post-tax NPV of A$669 million and a post-tax IRR of 20%. Following the positive PFS result, the Company has commissioned a Definitive Feasibility Study for the Project which commenced in July 2021.
Career has focused on the mining, industrial services, energy and infrastructure sectors in corporate advisory (RFC Ambrian), project finance (Bankers Trust), general management (Brambles) and construction project management (John Holland Engineering).