Magnetite back in vogue as Macarthur sets course for production
Once considered the poor cousin to hematite, magnetite is back in vogue with iron players who are finding it hard going to consistently discover more hematite deposits. Big players like Mineral Resources and others have recently turned their attention to magnetite, clearly frustrated at the rate of discovery of more economic hematite resources.
Macarthur Minerals recently spun out its precious and battery metals assets to focus on its magnetite iron ore projects that boast estimated post beneficiation grades up to a stellar 69 per cent iron. Importantly Macarthur has locked in a reliable life of mine offtake partner with a 10-year binding agreement recently signed with mega-miner and mineral trader Glencore International A.G.
Macarthur is laser focused on commercialising its iron ore projects and is making serious headway towards completing a bankable feasibility study that it plans to wrap up by the end of March. The company’s flagship asset is its 100 per cent owned Lake Giles iron ore project, comprising the Moonshine magnetite prospect and also the Ularring hematite prospect that has already been approved for development.
Macarthur looks to have consolidated a serious magnetite iron ore asset with close access to a reliable port. Its true value however lies in its ground-breaking offtake agreement with global juggernaut Glencore. With a bankable feasibility study due out by the end of the month, it is game on now for this magnetite developer.