Winners and Losers: Budget boosts Magnetite Mines
Shares in prospective miner Magnetite Mines rallied this week after shareholders welcomed the confirmation of a $1 billion green iron support fund in the Federal Budget.
Magnetite Mines rose by more than 17 per cent in the trading week to hit 14 cents per share, buoyed by the Federal Government’s proposed support for the green iron sector and progress on its own mining proposal in the mid north.
The Federal Government confirmed a $1 billion Green Iron Fund in its 2025/26 budget last week, which Magnetite Mines hopes will “incentivise the establishment of a new green iron production industry in Australia that will take advantage of the country’s abundant and renewable energy and magnetite resources”.
Magnetite Mines hopes to contribute to that sector via its Razorback Iron Ore tenement – part of a magnetite deposit called the Braemar Iron Formation. The listed company controls about 2 billion tonnes of mineable ore.
It also made progress on those plans last week, announcing it lodged a Mining Lease Proposal (MLP) with the South Australian Department for Energy & Mining.
The MLP – almost 900 pages – is the latest step in the company’s ambitious plans to become a significant magnetite miner.
DEM advised Magnetite Mines that a minimum six-month timeframe is expected for a decision to be made on the MLP.
“Razorback’s development timing is well positioned to coincide with both the emerging international demand for premium-grade iron ore concentrates and the green iron industry ambitions of the State and Federal Governments, recently underlined by a Federal billion-dollar Green Iron Fund announcement,” Magnetite Mines managing director Tim Dobson said.
“The MLP submission represents not only the starting line for iron ore mining at Razorback, but the opening of an entire new Australian mining province with the potential to support green iron production and export for generations into the future, and the profound economic prosperity that comes with that.”
Another Winner for the week was the list’s leader: Koonenberry Gold. The company hit record highs last week, and is now up more than 136.84 per cent in the past year.
Stay informed, daily
There was little news from the Losers bar Whitebark Energy which said it had acceptances for 91.33 per cent of takeover target King Energy Limited, and intended on proceeding with compulsory acquisition of the outstanding stock.
The Winners and Losers for the week ended 28 March, 2025:
