"" Chinese officials told Mr Barnett they wanted more magnetite to use in more sophisticated and higher-value steelmaking, which consumes less energy and causes less pollution - key objectives of the Chinese Government.
China wants magnetite concentrate production to rise from 8-9 million to 50 million tonnes.
Mr Barnett believes WA could supply more than half the gap.
"I knew the concentrate was a superior product but I didn't know how strategic it was in Chinese planning for increasing the emphasis of their steel industry into these high quality, special steels," Mr Barnett said. ""
I know Mr Barnett is spruiking to benefit WA, but if remotely true, it is plausible fo IRD to secure Chinese funding, which has a smaller CapEx estimate than the $6.5b thrown at Oakajee. They don't even have an up to date FS to guide pricing, and i'm pretty sure their OpEx is probably closer to that of Gindalbie (~$90?) making IRD seem like money for jam if its cost estimates are accurate.
IRD Price at posting:
32.0¢ Sentiment: LT Buy Disclosure: Held
