Magnetite Mines

What Magnetite Mines does

Magnetite Mines Limited (ASX: MGT) is an Australia-domiciled, pre-revenue iron ore developer focused on the Braemar Iron Formation in South Australia. The company's flagship asset is the 100%-owned Razorback Iron Ore Project, located approximately 240 kilometres northeast of Adelaide, which targets production of 5 million tonnes per annum (expandable to 10Mtpa) of premium Direct-Reduction grade magnetite concentrate at 68.5% Fe with low deleterious elements (SiO2 3.2%, Al2O3 0.4%, P 0.02%) suitable for hydrogen-based green iron and lower-emissions steelmaking. The company controls a wholly-owned Mineral Resource of 6.6 billion tonnes across its South Australian tenements, including Razorback (3.8Bt), Muster Dam (1.6Bt inferred), and additional prospects, with 2 billion tonnes of Probable Ore Reserves supporting a 56-year mine life at the Stage 1 production rate.

The underlying technology centres on processing soft, clay/siltstone-hosted magnetite ore with a Bond Ball Work Index of 6.8-8.6 kWh/t, materially below the 18-25 kWh/t typical of Banded Iron Formation magnetites, implying lower grinding energy and operating costs. Magnetite Mines is currently monetisation-negative: it has no commercial production, no publicly disclosed offtake customers, and no disclosed concentrate pricing. Its go-to-market is B2B enterprise sales targeting green steel producers (primary) and traditional integrated steelmakers (secondary), with planned distribution via open-access rail (~45km) to Spencer Gulf ports (Port Pirie, Whyalla, Myponie Point) for export to China and the Middle East. Beyond iron ore, the portfolio includes the early-stage Ironback Hill clay-hosted REE project (peak 1,153 ppm TREO), the Mutooroo Ridge copper-silver project, and the Manna Hill gold project, providing optionality on critical minerals.

The business model is pre-development mining: revenue is intended to come from long-term offtake-backed concentrate sales once the Razorback Mining Lease Proposal (submitted March 2025) is approved and project financing is secured. Federal Major Project Status was granted in February 2026, and the company is building a downstream green iron consortium (Green Iron SA) with ZEN Energy, Flinders Ports, and CSL Australia to capture additional value beyond raw concentrate. The company is publicly listed, has 11-50 employees, is headquartered in Adelaide, and has signed MoUs covering rail capacity (ARTC), port export (Flinders Ports, GFG Alliance/Whyalla Ports), regional community engagement (District Council of Peterborough, Port Pirie Regional Council, Ngadjuri Nation), and renewable grid connection (ElectraNet).

Name

Magnetite Mines

Legal name

Magnetite Mines Limited

Website

https://magnetitemines.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Iron Ore Mining

NAICS

Iron Ore Mining (21221), Iron Ore Mining (212210)

SIC

Metal Mining (1000)

akta.pro primary industry

Iron Ore Mining Operations (Open-Pit & Underground) (IMAKAAAC)

akta.pro secondary industries

Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB), Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Magnetite iron ore
• DR-grade concentrate
• Green steel feedstock
• Iron ore mining
• Rare earth elements

Headquarters

HQ city

Wayville

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Iron Ore Concentrate Sales: Pre-revenue mining company planning to produce and sell premium DR-grade magnetite iron ore concentrate to steelmakers. Stage 1 targets 5 million tonnes per annum production, expandable to 10Mtpa. Revenue will be generated through long-term offtake agreements with steel producers targeting green iron/steel markets in Asia (China, Middle East).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Magnetite Mines is a pre-development mining company developing the 3.8 billion tonne Razorback Iron Ore Project in South Australia, designed to produce premium DR-grade magnetite iron ore concentrate (68.5% Fe with very low impurities) for green iron and low-emissions steelmaking. Stage 1 targets 5Mtpa of concentrate, expandable to 10Mtpa, supported by a portfolio of supplementary iron ore, rare earth element, copper-silver, and gold exploration projects across its wholly-owned South Australian tenements.

Product overview

Magnetite Mines is a single-product mining company with multiple projects focused on the development of magnetite iron ore resources in South Australia's Braemar Iron Formation. The company's primary offering is the Razorback Iron Ore Project, its flagship pre-development magnetite project designed to produce 5-10 million tonnes per annum of premium DR-grade iron ore concentrate (68.5% Fe). The portfolio also includes the Muster Dam Iron Ore Project (1.6Bt resource), the Ironback Hill REE Project (early-stage clay-hosted rare earths exploration), the Mutooroo Ridge Project (copper-silver mineralisation), and the Manna Hill Gold Project (gold exploration). The projects are integrated through shared infrastructure and proximity, with the Razorback Project serving as the anchor development.

Differentiator

Problem solved

Functional benefit

Products and services

• Razorback Iron Ore Project Flagship pre-development magnetite iron ore project in South Australia's Braemar Iron Formation with 3.8Bt Mineral Resource (2Bt Probable Ore Reserves), designed to produce 5Mtpa (expandable to 10Mtpa) of DR-grade iron ore concentrate for low-carbon and zero-carbon steel production. Located approximately 240 km northeast of Adelaide.
• Premium DR-Grade Iron Ore Concentrate Planned product output of the Razorback Iron Ore Project: premium Direct-Reduction grade magnetite concentrate at 68.5% Fe with low deleterious elements (silica 3.2%, alumina 0.4%, phosphorus 0.02%), essential as feedstock for hydrogen direct reduction and low-emission iron and steelmaking.
• Muster Dam Iron Ore Project Iron ore exploration and development project with Inferred Mineral Resources of approximately 1.55-1.6 billion tonnes (JORC 2012), located approximately 110 km northeast of the Razorback Iron Ore Project in South Australia.
• Ironback Hill REE Project Early-stage exploration project identifying near-surface, clay-hosted rare earth element mineralisation adjacent to the Ironback Hill magnetite iron ore Mineral Resource and approximately 12 km south of the Razorback Iron Ore Project in South Australia. Peak grades exceed 1,000 ppm TREO.
• Mutooroo Ridge Project Copper-silver mineralisation project located within the Broken Hill Domain of the Curnamona Province in north-eastern South Australia, covering approximately 78 km², with confirmed high-grade copper and silver intersections from re-assay programs.
• Manna Hill Gold Project Gold exploration project located in the Olary Province of northeastern South Australia, approximately 150 km south-west of Broken Hill, hosting historic gold workings and vein-hosted mineralisation.

Quantifiable outcome

• 68.5% Fe concentrate with 3.2% SiO2, 0.4% Al2O3, 0.02% P - meeting green iron production specifications
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered flagship, core, strategic and regional.

• Green Iron SA ConsortiumflagshipStrategic or Co-development Partner · 1 March 2026Industry consortium advancing green iron production and export from South Australia. Includes Magnetite Mines, ZEN Energy, Flinders Ports, CSL Australia, and other partners. Completed high-level engineering assessment for Port Pirie iron ore export configuration as precursor to downstream pellet and/or green iron production.
• CSL AustraliacoreStrategic or Co-development Partner · 1 March 2026Joined Green Iron SA consortium to support maritime logistics for iron ore concentrate export. Partnership advances the group's collective goal of establishing South Australia as a green iron production and export hub.
• ElectraNetstrategicStrategic or Co-development Partner · 1 February 2026South Australian network operator identifying preferred high-voltage transmission corridor near Razorback project site. Company actively engaging with ElectraNet to support Mid North Expansion (Northern) project application for near-site grid connection and cost savings.
• ZEN EnergycoreStrategic or Co-development Partner · 1 December 2025MoU renewal with ZEN Energy for green iron production in South Australia. Partnership supports the company's strategy to position Razorback concentrate within a green iron value chain using hydrogen direct reduction technology.
• Ngadjuri Nation Aboriginal CorporationcoreStrategic or Co-development Partner · 1 December 2023Walking Together - One Team Partnering Agreement signed December 2023 with Ngadjuri Nation as Traditional Owners and Native Title holders of the Razorback Project area. Industry best-practice agreement establishing long-term, respectful, and collaborative relationship for mine development, land management, and economic and social development.
• District Council of PeterboroughregionalStrategic or Co-development Partner · 1 May 2023Landmark Memorandum of Understanding signed May 2023 formalising collaboration for Razorback Project development. MoU focuses on generating enduring social and economic benefits for the Peterborough community, with commitment to work collaboratively to bring the project to fruition.
• Flinders PortscoreChannel Partner/ Reseller/ Distributor · 1 February 2023MoU signed March 2023 for port handling, shipping, and other services. Assessment of Port Pirie and Myponie Point as viable concentrate export options. Flinders Ports operates seven commercial ports including Port Pirie.
• GFG Alliance / Whyalla PortscoreChannel Partner/ Reseller/ Distributor · 1 February 2023MoU signed February 2023 with GFG Alliance for port handling and shipping services. Whyalla Ports operates the Port of Whyalla, the only port in South Australia currently exporting magnetite concentrates.
• Australian Rail Track Corporation (ARTC)coreStrategic or Co-development Partner · 1 February 2023Rail network operator for Crystal Brook-Broken Hill railway (~40km from project site). ARTC conducting capacity modelling to confirm existing capacity for transporting up to 10Mtpa of concentrate. Part of Defined Interstate Rail Network (DIRN).
• Port Pirie Regional CouncilregionalStrategic or Co-development Partner · 1 January 2023MoU established to elevate Port Pirie's development potential as a future green iron production hub. Framework for collaboration to position Port Pirie for mineral value-adding opportunities while ensuring community involvement throughout planning processes.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Vale S.A. NYSE-listed (VALE) global iron ore major and largest producer of pellet feed including DR-grade pellets. Sets the benchmark for DR-grade iron ore unit economics, ESG positioning, and supply availability into the same green steel customers Magnetite Mines is targeting.
• Cleveland-Cliffs Inc. NYSE-listed (CLF) largest flat-rolled steel producer and iron ore pellet producer in North America, with DR-grade pellet capability serving EAF/DRI markets. Comparable as the integrated iron ore + low-carbon steelmaker reference customer and competitor for Magnetite Mines' target offtake.
• BHP Group Limited: ASX-listed (BHP) global iron ore major (WA Iron Ore, Samarco) and emerging potash/critical minerals player. Sets the macro benchmark for iron ore offtake terms with Asian steelmakers, port/rail infrastructure economics, and competing DR-grade pellet supply relevant to Razorback's market entry.
• Kumba Iron Ore Limited: JSE-listed South African iron ore producer (Anglo American majority-owned) operating Sishen and Kolomela mines producing lump and fines into Asian/European markets. Comparable benchmark for hematite DSO premium pricing and DR-grade product strategy.
• Fortescue Metals Group: ASX-listed (FMG) major Pilbara iron ore producer and global hydrogen/DRI proponent (Fortescue Energy). Provides macro benchmark on iron ore production economics, hydrogen green-iron strategy, and competing supply into Asian DR-grade markets relevant to Razorback's offtake.

Emerging players

• Arafura Resources Limited: ASX-listed (ARU) Australian rare earth developer advancing the Nolans Project (NdPr oxide). Closest comparable to the Ironback Hill REE optionality within Magnetite Mines' portfolio - same Australian jurisdiction and same critical minerals end-market themes.
• Lynas Rare Earths Limited: ASX-listed (LYC) operator of Mt Weld, the largest non-China rare earth producer globally, with downstream processing in Malaysia/US. Provides the publicly listed benchmark for clay/hard-rock REE project economics and the NdPr pricing that would underwrite Ironback Hill optionality.

Direct peers

• Iron Road Limited: ASX-listed (IRD) Australian magnetite iron ore developer with the Central Eyre Iron Project targeting DR-grade concentrate production. Closest direct peer to Magnetite Mines - same commodity, same Australian jurisdiction, same end-market (green steel), same pre-development stage with similar offtake strategy toward Asian DRI markets.
• Champion Iron Limited: TSX-listed (CIA) Canadian operator of the Bloom Lake complex producing high-grade 67%+ Fe iron ore concentrate, including DR-grade products, with active expansion (Phase II, Kami Project). Most relevant direct operating peer demonstrating the DR-grade concentrate economics Magnetite Mines is targeting.
• Mount Gibson Iron Limited: ASX-listed (MGX) Australian hematite iron ore producer with mid-west WA and Koolan Island operations supplying Asian steelmakers. Relevant Australian small-cap iron ore peer with operational benchmark data for hematite and magnetite concentrate pricing into Asian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/magnetitemines
• LinkedInlinkedin.com/company/magnetite-mines-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magnetite Mines