With growing interest in iron ore beneficiation in Australia, it is important to consider the complex challenges that are likely to arise. What are the options in the Pilbara for addressing the state of the fines when mining below the water table? Here, some level of processing becomes essential, if only to prepare the material for utilisation in downstream smelters. What are the options for maximising grade and recovery of Pilbara ores in general, and perhaps securing limited sources of Direct Reduced Iron (DRI) grade? What are the options for establishing a DRI pathway for magnetite? Key parts of the Australian industry will increasingly be impacted by the cost of producing concentrate. Here, Australian producers will need to compete on a more level playing field, contingent on the choice of beneficiation technology. The focus needs to shift to simple, highly efficient technology. One of the biggest costs is the loss of Fe units simply in delivering desliming. Then there is the considerable complexity in navigating the beneficiation of the ultrafines, maximising grade, while minimising the loss of the Fe units. Magnetite offers the prospect of DRI grades, but the circuits can require efficient milling to promote liberation at particle sizes as fine as 45 microns while ensuring there is no overgrinding.