The project is a key project carried out and implemented by Jiuquan Iron & Steel Group Company to improve the efficient and cycling utilization of resources, reduce the production costs and enhance the safeguard capacity. The project was filed with the Provincial Commission of Industry and Information in August 2016 with a total investment of CNY 1.82 billion yuan, covering a total land area of 89 acres. The project involves the construction of four suspended magnetic roasting beneficiation production lines and is a typical project of circular economy and comprehensive utilization of resources. The project features the overall project planning and phased implementation. The planned investment for the phase I project is estimated to be CNY 480 million, and the project site covers an area of 43.5 mu with the completion of annual processing of 1.85 million tons of powdered ore; the planned investment for the phase II project is estimated to be CNY 1.34 billion with the completion of annual processing of 4.95 million tons of powdered ore. After the completion of the project, a total amount of 6.6 million tons of powdered ore shall be processed each year, the recovery rate of the powdered ore metal shall increase from 65.3% to 84.0%, up by 18.7%; the grade of powdered ore and iron concentrate shall increase by 14 percentage points over the existing processes, the grade of the silicon dioxide shall decrease by 6.6 percentage points, the grade of the sinter shall increase by 4 percentage points on a year-on-year basis and the grade of the blast furnace shall increase by 3.57 percentage points. The annual amount of the additional recovery of the ferrous metals shall be 313,000 tons with an annual profit of CNY 150 million. A total investment of CNY 150 million has been completed, and the civil construction and the equipment purchase and installation are well under way. This technology is the first large-scale industrial application of iron ore industry both nationwide and worldwide and shall provide an efficient solution to the barriers of the beneficiation technology for the refractory iron ore, marking a major breakthrough in the highly efficient utilization of the refractory iron ore in our country. After taking the lead in introducing and utilizing this technology, Jiuquan Iron & Steel Group Company shall substantially increase the utilization rate of its own iron ore resources, tailings resources and surrounding iron ore resources, create favorable conditions for the strategies of resource management of Jiugang Iron & Steel Group Company and play an exemplary role for the efficient development and utilization of the resources with a broad prospect for promotion and application.