Magnetite is one of the main iron ores. It is a black-colored oxide mineral with a strong magnetism and is an important source of iron for the iron and steel industries as well as for the production of many value-added products. Besides magnetite, other ores of iron include hematite, limonite, ilmenite, and siderite.
Magnetite is 72.36% iron and 27.64% oxygen. Sand deposits of magnetite generally contain 15% to 30% magnetite which can be concentrated to yield about 55% to 62% iron. It also contains small amounts of high-value minerals such as titanium and vanadium.
JDVCs mining operation will be conducted in the northeastern portion of Luzon, specifically in the offshore areas consisting of 1902 hectares of Gonzaga town in the province of Cagayan.
The operation requires a capesize siphon vessel with a width of 32 meters on average and a length of about 300 meters. It must be complete with three (3) full sets of magnetic separators, ejector system for deep-sea pump-up siphoning from down to 200 meters after the sea bed, washer apparatus, drying apparatus, and loading facilities for mineral transfer to export vessels.
Each vessel must be complemented by:
an anchoring tug boat
a drilling barge
a service boat, and
other marine equipment