Tasmania Mines will receive a boost in cash flows after the Environment Protection Authority approval to produce 500,000 tonnes of magnetite concentrate annually a 150% increase from 200,000 tonnes at the Kara mine in Tasmania.

Tasmania Mines can now mine 1.3 million tonnes per year of magnetite ore to produce the concentrate of scheelite and magnetite. The scheelite is sold to customers in Europe for the production of specialty steel and also to the United States where it is used in the lighting industry.

The magnetite is sold to the Australian coal industry where it is used as a dense medium to wash coal.

(Sourced from www.proactiveinvestors.com.au)