Magnetite Mines (ASX:MGT) has filed a provisional patent for its innovative saline water flotation method, designed to use seawater for iron ore processing, according to a Wednesday filing with the Australian bourse.
The patent filing supports the company's strategy to improve the cost-efficiency and sustainability of its Razorback iron ore project in South Australia, the filing said.
Ongoing test work on Razorback samples will assess the method's effectiveness across the deposit, with results expected in the coming months, the filing added.
Shares of the company fell 7% at market close.
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