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    Magnetite Mines rare earth upside: project economics and mine planning lens

    April 20, 2026|

    Reviewed by Joe Ashwell

    Magnetite Mines rare earth upside: project economics and mine planning lens

    First reported on Australian Mining

    30 Second Briefing

    Magnetite Mines has started air core drilling at its Ironback Hill prospect in South Australia to test for rare earth element (REE) mineralisation alongside its existing magnetite iron ore resource. The program targets REE-bearing horizons identified in previous surface geochemistry and geophysics within the broader Razorback iron project area, where the company is already advancing high-grade magnetite concentrates for green steel feed. Any defined REE inventory could materially change project economics and mine planning, adding a critical minerals stream to the planned iron ore operation.

    Technical Brief

    • Air core drilling is being applied as a low-cost, rapid first-pass method over Ironback Hill.
    • Any REE-bearing horizons intersected will require follow-up diamond or RC drilling for metallurgical and geotechnical characterisation.
    • Co-development of REE and magnetite would drive more complex mine scheduling, stockpiling and blending strategies.
    • Additional processing testwork would be needed to determine whether REEs can be recovered from magnetite concentrates or tailings streams.

    Our Take

    Magnetite Mines is already progressing the Razorback magnetite project in South Australia for low-emissions iron ore concentrate, so rare earth potential at Ironback Hill would give the company a multi-commodity narrative that aligns strongly with the 2254 sustainability- and project-tagged pieces in our database.

    The recent copper and silver assays at Mutooroo Ridge, also involving Magnetite Mines and Green Iron SA, suggest the group is systematically testing its South Australian ground for additional value streams beyond iron ore, which could support a hub-style development model if rare earths at Ironback Hill prove material.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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