Refining magnetite requires a large capital investment upfront,...

Refining magnetite requires a large capital investment upfront, then is expensive to run due to the processing being power intensive.

Their hematite they say could be marketed as DSO and/or beneficiated product. The grades are not good for DSO. So if they are going to bene the ore this will add to the capital required, add to ongoing operating costs and reduce the overall tonnes. And that is assuming the geomet properties of the ore are even ammenable to effective upgrading.