Another thing Paul said - there are other geologic resources in the Mt Peake Area.
Would that be more reasonable grade titanomagnetite & graphite?
39.70m @ 5.13% C graphite
http://www.tngltd.com.au/projects/mount_peake_fe_v_ti/mount_peake_graphite.phtml
I'm old enough to remember Falconbridge from the year 2000.
"The BGC1 and G34 electromagnetic targets were first identified from a GEOTEM (airborne electromagnetic survey) carried out for Falconbridge Pty Ltd in 2003"
From CSIRO
https://www.csiro.au/en/Research/MRF/Areas/Resourceful-magazine/Issue-12/What-to-know-about-graphite
https://www.kibaranresources.com/about-tanzgraphite-overview/about-graphite/
https://www.kibaranresources.com/about-tanzgraphite-overview/epanko-graphite-project/
- Ore Reserve 10.9Mt at 8.6% TGC
Although it may only be economical if there is shared infrastructure...