Magnetite Mines Submits Mining Lease Proposal for Razorback Project

Magnetite Mines Limited (ASX: MGT) has officially submitted a Mining Lease Proposal to the South Australian Department for Energy & Mining for its 100%-owned Razorback Iron Ore Project. This significant milestone paves the way for secure tenure, enabling mining and processing operations in the Braemar Iron Formation, 240km northeast of Adelaide.

The comprehensive 900-page MLP is the culmination of years of technical, economic, and environmental studies, alongside extensive stakeholder engagement. The document outlines sustainable construction, operation, and closure plans, ensuring alignment with best-practice mining principles. Following a validity assessment, a public consultation will occur, with final approval expected to take at least six months. Razorback is projected to produce 5 million tonnes of premium-grade magnetite concentrate per year, positioning Magnetite Mines as a first-mover in South Australia’s emerging green iron industry. The project aligns with the Federal Government’s billion-dollar Green Iron Fund, setting the stage for long-term economic growth.

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