Iron ore tailings typically containing 40 to 50 per cent Fe can be beneficiated to iron ore products containing 54 to 60 per cent Fe. The impurities are comprised of clay, quartz, cristabolite and TiO2. Goethite and hematite are also present. At high concentrations of 55–60 wt% solids, the tailings displayed high yield stress and viscosity and cannot be pumped over long distances. Composite additives comprising of NaOH, phosphate-based additives and sodium metasilicate are found to reduce the viscosity and yield stress very significantly by a few orders of magnitude. The yield stress of 100 Pa can be reduced to almost zero. At this state, dilution of the tailings with its process water to 40 per cent solids causes the coarse and high-density iron ore particles to separate from the colloidal fractions located in the supernatant after a few minutes of sedimentation. Separation by decantation produces a sediment with an Fe content of 54 per cent from tailings with 47 per cent Fe. Another tailings sample with 48 per cent Fe was beneficiated to greater than 57 per cent Fe using NaOH-metasilicate-polyphosphate additives and employing an additional washing step. The use of other composite additives, NaOH and polyphosphates, increased beneficiated product Fe content to greater than 60 per cent from the same tailings. With the current iron ore spot price of more than US$180 per tonne, the cost of this treatment process even including a desalination step, if necessary, is relatively insignificant. This study has given tailings an economic value that should be exploited as soon as possible.