Magnetite Mines Advances Razorback Project with Key Mining Lease Approval

Regulatory Milestone Achieved

Magnetite Mines has announced a significant step forward for its flagship Razorback Iron Ore Project, with the Mining Lease Proposal (MLP) successfully passing the validity assessment stage conducted by the South Australian Government. This milestone confirms that the MLP meets the stringent requirements set out under the South Australian Mining Act and related regulations, allowing the project to progress to the next phases of cross-agency technical assessment and public consultation.

The MLP acts as a comprehensive development application, combining both state and federal government approval processes into a single streamlined pathway. This integrated approach reflects South Australia’s commitment to efficient resource project approvals, particularly for developments like Razorback that promise long-term economic and environmental benefits.

Project Scope and Infrastructure

Razorback is positioned to produce 5 million tonnes annually of high-grade iron ore concentrate, targeting premium markets driven by the steel sector’s decarbonisation efforts. The MLP covers not only mining and processing operations but also essential infrastructure, including haulage corridors, an intermodal facility, accommodation camps, and electricity transmission lines. Magnetite Mines has successfully negotiated and finalised all overlapping tenement consent agreements, a critical step in securing the necessary land access and rights for infrastructure development.

Community and Environmental Engagement

Following the validity assessment, the project now enters a phase of public consultation and detailed government review. Magnetite Mines has committed to transparent and inclusive engagement, launching a dedicated portal for stakeholders to access the extensive MLP documentation and participate in consultation processes. The company’s ongoing ‘foresight’ sustainability platform emphasizes responsible development and community dialogue, particularly with residents in the Peterborough region and surrounding areas.

This phase will be critical in addressing any environmental, social, or technical concerns raised by regulators and the public, ensuring that Razorback’s development aligns with best practice standards and community expectations.

Strategic Outlook

With a 100% owned Mineral Resource of 6.6 billion tonnes in the Braemar iron province, Razorback is set to become a long-life, tier 1 iron ore project. The successful passage of the validity assessment reinforces the technical robustness of the MLP and Magnetite Mines’ strategic focus on producing Direct Reduction grade concentrates, which are increasingly sought after by steelmakers aiming to reduce carbon emissions.

As the project advances through the next regulatory stages, investors and stakeholders will be watching closely for outcomes of the public consultation and any conditions imposed by government agencies, which could influence the project’s timeline and capital requirements.