Whyalla Presentation 23 May 2007 - OneSteel

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Whyalla Presentation 23 May 2007 - OneSteel

Merged OneSteel Business ModelValue CreationOneSteelSmorgonMaterialsIron OreBusinessRecyclingBusinessManufacturingValue AddAccess to High QualityIron Ore at CostWhyalla SteelworksSydney Steel MillNewcastle P&TRod +Bar Mills -Sydney, NewcastleScrap HedgeLaverton Steel MillLaverton Rod+ Bar MillBrisbane P+TEnd MarketPositionsDistributionOil and GasRail and SleepersReinforcingWire RopesRural WireReinforcingRail WheelsGrinding MediaLight Steel BeamIntegrated BusinessChainLong Iron Ore& ScrapCost and SupplyChain OpportunityStronger in-marketpresencePage 7(P729B324)Whyalla OperationsPage 8(P729B324)4


Whyalla Steelworks – Structure To DeliverTo ensure that Whyalla Steelworks has adequate resources and capabilities to deliver on both shortterm and long term objectives, the following key changes to structure have been implemented:GM Mines and Export(Gavin Hobart)• Responsible for all operationsassociated with mining, crushing andscreening, concentrator, slurry pipeline,rail and export• Execution of annual operating budget• Meeting ore export plan• Develop and execute the OperationalExcellence strategic initiative and assetplan to improve mining andmanufacturing capability andcompetence within Mines and Export toachieve 4.0 mtpa of iron ore outputsand provide magnetite feed to the PelletPlant in a safe, cost efficient andsustainable manner• Progress and utilise processes,activities and actions associated withCMI and SCT strategic initiatives toensure Mines and Export consistentlymeets the customer promiseGM Manufacturing(Jon Hobbs)• Responsible for all operationsassociated with flux & filter, pelletplant, ironmaking, steelmaking andsteel products• Execution of annual operatingbudgets• Deliver VIU• Develop and execute theOperational Excellence strategicinitiative and asset plan to improvemanufacturing capability andcompetence within Manufacturingbusiness to achieve 1.3 mtpa ofsteel in a safe, cost efficient andsustainable manner• Progress and utilise processes,activities and actions associatedwith CMI and SCT strategicinitiatives to ensure Manufacturingconsistently meets the customerpromiseGM Business Sustainability(Jim White)• Developing and delivering anasset and infrastructure plan toenable the Steelworks tooperate until at least 2027• Developing and delivering anenergy, emission and waterefficiency plan to meet currentand emerging improvementtargets• Analyse and reviewopportunities for growth withinWhyalla Steelworks’ operations(ferrous reserve expansion,non-ferrous exploration, portcommercialisationPage 11(P729B324)Whyalla Current Production Process – Pre MagnetHotMetalSlagBillet CasterRailRod & Bar MillsPellets &Iron OreLump Ore~3.0 Mtpa~2.0 MtpaBlueScope Steel~1.0 MtpaBlast Furnace~1.2 MtpaCokeBOSSteelmaking~1.2 MtpaScrapLMForIRUTSlab/BloomCasterRail /ShipStructural MillDomestic / ExportRerollingCoal~1.0 MtpaPage 12(P729B324)6


Whyalla Mines – Pre Magnet• Mine approximately two million tonnes per annum for use insteelmaking and approximately one million tonnes for sale toBlueScope Steel– For the hematite used at the Pellet plant, the objective is to developore to specification, at the right rate and at the lowest cost– Ore delivered to the Pellet plant by railPage 15(P729B324)Whyalla Mines – Post Magnet• Mines – Total ore mined will be ~9.6 million tonnes per annum– ~4.6 million tonnes magnetite ore per annum to be ground andconcentrated to slurry to Pellet plant.– ~5 million tonnes hematite ore per annum• ~3.4 million tonnes per annum high-grade hematite• ~1.6 million tonnes per annum low-grade hematite• Key Objectives– Establish reputation as a quality suppler of hematite ore tointernational customers at lowest cost while reviewingopportunities to maximise ore reserves– Deliver Hematite ore for export at quality and rate requiredPage 16(P729B324)8


Whyalla Pellet Plant• Whyalla Pellet plant produces approximately 1.5 million tonnesof pellets for use in Blast furnace• Key Objectives– Pellet consistency, so that there is minimal variation of pellet feedinto the Blast furnace– Ensure pellet is in specification and at rate required to meet Blastfurnace production requirements– Maximise throughput to facilitate export opportunities– Implementing initiatives focussed at maximising up-time andminimising cost– Transition successfully from Hematite to Magnetite feed– Priority to deliver low-cost efficient supply to the Blast furnace– Additional production of export pellets to export marketPage 17(P729B324)Whyalla Coke Ovens• Whyalla coke ovens produce in excess of 550,000 tonnes ofblast furnace quality coke from 108 battery ovens.• Key Objectives– Maximise productivity and yield to maintain self sufficiencyin blast furnace coke feed in line with increased ironproduction associated with Project Magnet– Continue to identify markets for by-product salesPage 18(P729B324)9


Whyalla Blast Furnace• Historic average production of ~ 1.16 million tonnes of iron perannum• Blast furnace is operating stably at a running rate of 1.23 milliontonnes in the 10 months to April• Key Objectives– Meeting current business requirements whilst running trials of keyinput and feed variables– Manage blast furnace operations to safe operating window• Necessary for transition to magnetite feed• Provides platform to maximise production post feed change– Manage the transition from hematite to magnetite based pellets.– Extract productivity improvements from new reline furnace andvalue in use from utilising magnetite feed• Benchmarking operations against international blast furnaceoperatorsPage 19(P729B324)Whyalla Steelmaking• Key Objectives– Manage technology change with desulphurisation plantassociated with Project Magnet– Utilise available hot metal and convert for billet, bloom andslab feed– Managing steelmaking cost– Utilise existing technical partners to benchmark operationalpractices to identify opportunities to enhance productivityand reduce costs to make– Ensure steelmaking can utilise increasing blast furnaceoutput– Optimise production mix to maximise returns based onscrap and slab price movement as opportunities arisePage 20(P729B324)10


Whyalla Structural Mill• Sales in excess of 400,000 tonnes of structural and railproduct• Operational objectives– Minimise cost to serve through a combination of operationalexcellence and selected automation projects– Maximise productivity and throughput of bottleneck assetsto meet targeted customer demand• Strategic Objectives– Minimise cost structure through selected automationprojects based on benchmark activities– Improve value proposition and efficiency of supply chainPage 21(P729B324)Community Commitment• Community Support• Focus on youth and disadvantaged groups• Council contribution increasing annually• Indigenous Support• Support new Company ‘Walga Mining’• Whyallina• HWE• OneSteel• Conservation• Land gift to Whyalla conservation park – 1,000 ha• Proposed Iron Magnet reserve – 4,000 to 20,000 ha• Environment• $60 million to reduce fugitive dust issuePage 22(P729B324)11


Project Magnet OverviewPage 23(P729B324)Project Magnet – Strategic Rationale• OneSteel Board approval May 2005• Improves OneSteel’s competitive position, extends the life of Whyalla andlowers cost of steelmaking• extend life of Whyalla from current restraint of 2020 to at least 2027• potential to cut cost of steelmaking at Whyalla by up to 5% by converting tomagnetite• Additional source of earnings and profit• export up to ~3 million tonnes extra hematite ore pa for 10 years (in total 4mtpa)• export ~200,000 tonnes pellets pa over the project life• produce up to ~100,000 tonnes extra steel pa over the project life• Environmental benefits• switch from dry to wet processing• Estimated $390 million capital expenditureAn attractive, value-creating long-term project, that builds on OneSteel’scompetitive advantage of owning quality iron ore. Project Magnet is consistentwith OneSteel’s strategy of optimising its portfolio of assetsPage 24(P729B324)12


Project Magnet Strategic Rationale - Improving Competitive Position & EarningsImproves OneSteel’s Competitive Position• Project Magnet extends the current competitive position of OneSteel bylengthening the life of its strategic iron ore resource from 2020 to at least2027• Value in use properties of using magnetite as against hematite ore forsteelmaking:– Lower energy costs for pellet production– Less slag associated with iron making– Less impurities therefore less fluxes consumedAdditional source of earnings and profit• ~3m tonnes hematite ore sales pa for approx 10 yrs(in addition to the historical sales of 1m tonnes pa)• ~100,000 tonnes steel sales pa for ~ 20 years• ~200,000 tonnes pellet sales pa for ~ 20 years(P729B324)Page 25Project Magnet Strategic Rationale – Environmental Benefits• Magnetite concentrate will be filtered to 9% moisture andpelletised, effectively switching from a dry process to a wetpelletising process• All crushing, grinding and screening which is currentlyundertaken at Whyalla Pellet plant will be done at the mine• Magnetite will be conveyed to Pellet plant via a closed loopslurry pipe as against by rail as is current practice• Hematite exports are via enclosed conveyors and a storageshedProvides improved environment for Whyalla Community andlong term certainty for OneSteel.(P729B324)Page 2613


Project Magnet – Timing of Cash Flows• Capital Expenditure – spent and committed– 04/05 $30 million– 05/06 $166 million– 06/07 $180 to 190 million– 07/08 $10 to 20 million– Total $390 million• Revenues– Iron Ore Export Sales (incremental to historical domestic sales of 1mt pa)• 05/06 400 to 500k tonnes• 06/07 1,500k tonnes• 07/08 Approx. 3.0m tonnes– Slab Sales• 07/08 Sales commence• Just over $370 million committed or spent to datePage 27(P729B324)Project Magnet - Summary FinancialsNPVProject EstimatedFinancialsAs Per May 2005> A$100MIRR > 14.0%OneSteel used conservative forward pricingassumptions for iron ore prices for the businesscase approved in May 2005.Since that time iron ore price forward assumptionshave increased as per below:08 Price 08 PriceAs at May As at May2005 (a) 2007 (b)(P729B324)PV/I > 1.4Payback approx. 5 yearsEBITDA Avg > $70millionFines (DMT) US$41 US$80Lump (DMT) US$51 US$102Pellets US$76 US$118$AUS/$US 72 cents 82 centsForward assumption on pricing varies greatlyamong investment houses and forecasters whichimpacts NPV and other value calculationssignificantly.(a) CRU estimates(b) CRU estimatesPage 2814


Project Magnet Market andOverviewPage 29(P729B324)Project Magnet – Market and Customers• OneSteel's Marketing Agent for the selling and marketing of Iron Ore isBHP Billiton, which is working very well• Up until March 2007, all of OneSteel’s exports into China andsurrounding regions were on a spot basis• OneSteel is moving to establish long term contract positions – to date wehave signed three long term contracts - with Rizhao, Haixin and JinxiPage 30(P729B324)15


Project Magnet UpdatePage 33(P729B324)Project Magnet – Investment$390 million OneSteel capital expenditure• Major Works:Converting Whyalla to Magnetite (Magnetite Stream)• New Iron Magnet mine• Crushing and grinding processes• Concentrating process• Tailings dam at mine site• Pumping and slurry pipeline• Pellet plant reconfiguration• Desulphurisation plantIron Ore Exports (Hematite Stream)• Rail upgradeThese export facilities have processed in excess of• Wagons2 million tonnes of hematite ore since practical• Handling facilities at port practical completion in November 2006• Storage• Trans-shippingA total of 480,000 tonnes has been processed throughthe trans-shipping facilities to Cape-sized vessels as of17 May 2007Red text indicates completed. Others to have construction completed by June 2007.(P729B324)Page 3417


Project Magnet – Summary StatusSchedule:• Construction effectively complete – by approximately end June 2007• Commissioning, Transition and Ramp Up Phases – then follow• Slurry Concentrate Pumping through pipeline – approximately first week August2007• Magnetite Based Feed - begins to be used on Blast furnace around end of firstquarter FY07/08• Ramp up of Operating Rate and Value in Use Benefits – progressive through 07/08financial yearForecast Project Cost:• Approximately +10% above BudgetIron Ore Sales:• On track for 2.5M tonnes external Sales 06/07 FY• On track for 4.0M tonnes external Sales 07/08 FY(P729B324)Page 35Project Magnet – ConstructionHematite Stream• Hematite Export Facilities: constructed and commissioned – November 2006• Upgraded Crushing & Screening Facilities: constructed and commissioned –April 2007• Transhipping Facilities: commissioned and in operation – March 2007Summary of Outcomes• 2Mt of Iron Ore has been processed through Export Facilities• 3 Cape-sized ships (~480,000 tonne of ore) have been loaded and shipped tocustomers through Transhipping FacilitiesFinal Ramp Up Activity• Release full rail capacity for Hematite Stream – via Slurry Pipeline feedingconcentrate to Pellet Plant(P729B324)Page 3618


Project Magnet – Construction (cont’d)Magnetite Stream• Crushing & Screening Equipment – commissioned and in operation• Electrical Infrastructure (133KV Power Line and all switchrooms for new facilities) – energised• Tailings Dams – construction complete• All Major Concentrator and Filter Flux Equipment – installed• Construction – essentially complete by 30 June 2007 (key activities include finalising electrical,piping and valve work)• Commissioning, Transition & Ramp Up Phases – progressive through 07/08 financial year• Magnetite Slurry Concentrate – begin pumping through pipeline approximately first week August2007• Magnetite Based Feed – to begin on Blast Furnace approximately end first quarter 07/08 financialyear• Desulphurisation Plant - Construction essentially complete – commissioning to commence earlyJune – operational capability by approximately mid-July 2007(P729B324)Page 37Project Magnet – Aerial Photo of Mine Site(P729B324)Page 3819


Project Magnet – Crushing and ScreeningPage 39(P729B324)Project Magnet – ConcentratorPage 40(P729B324)20


Project Magnet – Filter FluxPage 41(P729B324)Project Magnet – Export ShedPage 42(P729B324)21


Project Magnet – Iron Ore Export FacilitiesPage 43(P729B324)Project Magnet – BargesPage 44(P729B324)22


Project Magnet – Cape VesselPage 45(P729B324)Project Magnet Summary• Valuable, attractive long-term project for OneSteel and itsstakeholders, underpins Whyalla and its key competitiveadvantage of owning iron ore mines• Extends life of Whyalla to at least 2027• Improves competitive position by cutting cost of steelmaking by up to5%• Generates new stream of earnings and profit• $390 million investment including environmental spend• Environmental & community benefits – 10 year operating licence• Fits OneSteel strategy of optimising its assets• Expands on OneSteel’s integration and horizontal flexibility –flat & long products/domestic & export markets• Improves the quality and lowers the volatility of OneSteel’searningsPage 46(P729B324)23


Whyalla Steelworks AttachmentsPage 47(P729B324)Whyalla Steelworks LocationPage 48(P729B324)24


Whyalla Business StructureExecutive GeneralManagerWhyalla SteelworksMark ParryGM ManufacturingJon HobbsGM Mines & ExportGavin HobartGM BusinessSustainabilityJim WhiteManager MarketingWhyalla SteelworksGraeme BarkwayManagerHuman ResourcesAlan TidswellManagerCommercialGideon JanssenProduct ManagerStructuralsScott BournePage 49(P729B324)Whyalla Steelworks Combined HistoryLTIFRNumber LTI's10 090807060504030201008.06.04.02.00.01996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 at April 0716 .014 .012 .010 .0Frequency35060.030050.0MTIFRNumber MTI’s25020015010040.030.020.0Frequency5010.001996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 at April 070.0Page 50(P729B324)25


Labour• Whyalla OneSteel Employees– 1,650 – increase from• Bringing contractors in-house• Increased apprentices• Project Magnet• Significant Contractor Base ~ 40% of hours– Mining - HWE– Railways – Genesee Wyoming– Materials Handling - Brambles / Metserv– Oxygen - BOC– IT Support - CSC– Laboratories - Amdel– Engineering - Hatch– Sea Transport - CSL/ISMContractor focus on reducing service delivery costPage 51(P729B324)Integrated Steelworks Facilities – Pellet Plant & Coke OvensEventYearOre ProductsPellet Plant - PP starts as export facility 1968- Flux pellets for Whyalla 1981- Waste Gas Cleaning Plant 1998- Kiln and cooler upgrade 2002-2005- Roller Feeder replacement 2002- Grate Upgrade 2006Rail - Major track upgrade, (inc 40 to 60km/h) comp (2006)- New fleet (56) higher capacity wagons comp (2006)- Upgrade 75 RSK wagons comp (2006)Ore Beneficiation Plant commissioned 2005Crushing and Screening commissioned 2007Coke OvensBattery 1 (72 ovens) 1968Battery 2 (36 ovens) 1980Reed Beds 1996Refractory Asset Life extensionongoingThrough wall repairs (2 ovens) 2006Weak Ammonia Liquor Still 2008Continuous Maintenance and Capital InvestmentPage 52(P729B324)26


Integrated Steelworks Facilities – Blast Furnace History and OperationsNo. 2 Furnace Blown in 19651) Better management of material quality and flow into the furnaceReline 1 1972Reline 2 1981BurdenTop Gas100 o CCasthouse Floor Revamp 1993Coke500 o CRecord Production 1999Dust Catcher 2001Cohesive Zone900 o C1100 o C1450 o CWater Treatment Plant 2002Near Record CampaignLife of 23 years 2004Reline 2004DeadmanRacewayTuyereHearthTaphole2) Critical zone for smoothiron and slag flow.New operating parametersaimed at increasing thermalreserve at this level.Page 53(P729B324)Integrated Steelworks Facilities – Basic Oxygen SteelmakingEventYear2 vessels @ 130t 1965Hot Metal Desulphuriser 1991IRUT/Sublance/Electric/Controls 1992Ladle Met Furnace/Alloy System 1999New Vessel Shells 1999/2000BOC Oxygen Plant Commissioned 2001Planned replacement of Desulphurisation Plant(including new baghouse as part ofEnvironmental Improvement Plan) 2007Continuous Maintenance and Capital InvestmentPage 54(P729B324)27


Integrated Steelworks Facilities – CasterEventYearCombination slab/bloom/billet caster 1992Five-strand billet caster 1999Route to Market – Semi-Finished ProductsBilletsSlabsProductInter-divisional to Market MillsDirect to re-rollerDistribution ChannelEnd UseUsed to produce rod and barUsed to produce various flatproductsSemi-Finished ProductsSlab Bloom Billet~12m600 ~ 1850 mm~8m300– 450mm 250mm~12m127 &175mm127 & 175mmPage 55(P729B324)Integrated Steelworks Facilities – RollingEventYearCommenced rolling ingots 1964Rail finishing end 1982Revamp for slabs/blooms (new rolling stands, etc) 1992Cooling beds/Capacity Upgrade 1996Finished Products and Route to MarketColumns* Channels* Rail – direct toend user100 mm to 310 mm125 mm to 200 mmBeams* Angles* Sleeper Section – direct toend user125 mm to 200 mm41 Kg/m – 68 Kg/mPlain Carbon - Head Hardened150 mm to 610 mm 150 x 90 & 150 x 100MainlineHeavy Haul– 6.5 mm to 10 mm– 9 mm to 14 mm* Structural products are distributed by domestic steel distribution companies, including OneSteelDistribution. They are used in structural frames for buildings, factories, bridges and otherinfrastructurePage 56(P729B324)28


Technology / Operational Alliances• Ore Products - BHPB (Export)- Poetscka (OBP)- JK Tech (Crushing and Screening)- Midland (Concentrator)- Danieli Corus (Filter Flux)- Danieli Corus (Pellet Plant)• Ironmaking - Kobe- BlueScope Steel Limited• Steelmaking - Kobe (BOS)- Salzgitter Flachstahl (Desulph)• Steel Products - Nippon Steel CorporationPage 57(P729B324)Energy & Services DataElectricityTotal Water UsageNatural Gas-General- Co Gen PlantBy-productsGasOxygenNitrogenArgonTotal40-45 megawatts(360,000 MWh pa)>200,000 mega litres pa3.5-4.0 petajoules pa0.9 petajoules paApprox 12 petajoules pa(50% Blast furnace gas;50% Coke ovens gas)160,000 tonnes pa15,000 tonnes pa2,000 tonnes paBought in(over fence)15-20 megatwatts(150,000 MWh pa)4,500 mega litres paAllAll(COGEN plant produces100,00 MWh pa)AllAs CoalAll(from on-site BOC-ownedplant)Magnitude comparatorTotal is 3.0% of state load20,000 room air conditioners180,000 mega litres pasaltwaterSydney Harbour isapproximately 500,000 megalitres (40% of Sydney Harbourpa)About 6% of state load.Excluding power stations,OneSteel is the secondlargest customer in the state.These by-product gasesdisplace $40m pa of whatotherwise would bepurchased natural gas and/orelectricityLargest customer of thesegases in SA.Equivalent to 50,000 standardoxygen cylinders per dayPage 58(P729B324)29


“Licence to Operate” – Environment• Major Environmental Projects since 1993ProjectBlast Furnace Casthouse FloorBOS Secondary Fume EmissionsCoke Ovens Battery DoorsReed BedsSite Upgrade and RegreeningPellet Plant Waste Gas Cleaning ProjectPellet Plant Fugitive DustBlast Furnace Water TreatmentProject Magnet Environmental SpendTOTAL$ million189541367760147ISO14001 Accreditation achieved – Environment Management SystemsPage 59(P729B324)Competitive Position• Main Competitors include:Structurals – ImportsThailand, Korea, South AfricaStructurals – Domestic Steel CompetitorsStructural tube, Roll-formed sectionsStructurals – Intermaterial ProductsConcrete (in-situ, pre-stressed, tilt-up), Structural timberRails – ImportsVarious international millsRail Products – Inter-material ProductsConcrete, TimberKey AdvantagesSole domestic manufacturer of a large range of structural and rail productsShort supply lead times and reliable delivery performanceSuperior sales and servicePage 60(P729B324)30


Project Magnet AttachmentsPage 61(P729B324)Mines – Raw Materials Supply– Iron Ore Mines (All mines ~ 80 km by rail from Whyalla Steelworks)• Iron Duke• Iron Duchess• Iron Knight• Iron Magnet (~ 60km by slurry pipeline from Whyalla Steelworks)– Metallurgical Flux Mines• Near Iron Knob, Quartz• Ardrossan Dolomite– Imported Raw Materials• Coal, NSW, NQLD & NZ• Limestone, Japan• Ferrous Alloys – VariousPage 62(P729B324)31


Mine LocationPage 63(P729B324)Mines – Operations History1899 BHP Started Mining at Iron Knob(Iron Ore Flux for Port Pirie Smelter)1901 Tramway from Iron Knob to Hummock Hill Completed1914 Newcastle Steelworks started1930 Iron Baron Mine Developed1970 Mine Production Peaked @ 7.6mt p.a.1989 Iron Duke Mine Opened - Iron Baron Mine Closed1998 Iron Duchess Mine Opened - Iron Knob Mine Closed1999 Iron Knight Mine Opened2004 Commissioning of Ore Beneficiation Plant2006 Iron Magnet Mine2007 Commissioning of Trans-shipping, Crushing & ScreeningPage 64(P729B324)32


Capacities and Material FlowsSteel ManufactureMagnetite Ore4.5Mtpa 4.6 Mine Crush & Screen(-32mm) 9.5 9.6 MtpaLow Grade Hematite1.6 MtpaOre ExportExport Hematite3.4 MtpaGrind & Concentrate Beneficiate Crush & ScreenMine SiteTailings0.6 MtpaMagnetiteMagnetiteBlast FnceExportExportExportTailingsConcentrateLumpFinesFinesLump2.7 2.8 Mtpa1.8 Mtpa0.4 Mtpa0.6 Mtpa 2.4 2.1 Mtpa 1.0 1.3 MtpaWhyallaSlurry PumpLump Train1.4 1.7 MtpaFines Train3.0 2.7 MtpaPellet Plant1.8 MtpaBlast FncePellets 1.47 MtpaLump 0.4 MtpaExport ProductsDomestic Hematite Fines – 1.0 MtpaExport Hematite Lump – 1.0 1.3 MtpaExport Hematite Fines – 2.0 1.7 MtpaExport Pellets – 0.32 0.22 MtpaPage 65(P729B324)Magnetite Mine Ore CalculationMagnetite ore calculation based on JORC standard• Total Magnetite Resource in SouthMiddleback Ranges – based on JORCstandard• Select target area of most likely feasiblemagnetite deposit• Select ore types that are ‘usable’ inbeneficiation process, in percentages thatare achievable• Pit Optimisation Process(What can economically be mined)• Beneficiation process with 40% massrecovery, producing concentrate at ~ 69%Fe245 Mt @ > ~40% Fe[Inferred resource – JORC standard]Discard smaller outcropping/ deep pockets of oreSelect Likely Blend of~70% Mag Carb, 20% Mag Talc10% Hematite / Magnetite, Mag SiDiscard;Very High Si & Amphibole Ores‘Whittle’ Pit Optimisation(Simulates a practical &economic mining operation ~ 91Mt of ore)Approx 36 Mt of MagnetiteConcentrate @ 69 % FePage 66(P729B324)33


Project Magnet – Resource LocationPage 67(P729B324)Project Magnet - GeologyPage 68(P729B324)34


Iron Magnet Mine SitePage 69(P729B324)Iron Magnet Mine SitePage 70(P729B324)35

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