If you read through the company metallurgical reports you will see their Fe even at low grades upgrades very easily due to its crystalline nature. Out of the 69mt resource they only need a reserve of 6mt of 50% Fe stuff to categorise it as DSO for stage 1a (ie. 3 years @ 2mt/year) as they have proven 50% Fe upgrades to DSO grades +60% Fe. Within their 3 major deposits IMO it wouldn't take much for them to define 6mt of 50% Fe, but we shall see what they announce. This is Stage 1a. Stage 1b/2 will be able to treat the other material with their wet magnetic process.
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