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Next, mine about 200 units of Carbon. Run the Carbon and Oxygen into a medium or large refiner together and you should get Condensed Carbon at a 1:3 ratio. You can also run the Condensed Carbon with the Oxygen to get Condensed Carbon at a 1:2:6 ratio. Use this to effectively extend your Condensed Carbon stores infinitely so long as you have the Oxygen.
Next, mine about 200 units of Pure Ferrite. Put the Pure Ferrite in with the Condensed Carbon, it will generate Mag Ferrite at a 1:6 ratio. Afterwords run the Mag Ferrite by itself to get Pure Ferrite at a 1:2 ratio. Congratulations you've just multiplied your existing Pure Ferrite store by a factor of 12, and if you need more Condensed Carbon you can create it using your existing C/C+ stores and the Oxygen that you are now mining passively from your Oxygen Farm.
It's not nearly as impressive as the Indium trick but it works and doesn't require you to have found a blue star yet. And this trick also works for Cobalt (can be extended using Oxygen) and Sodium (using C+) as well.
In fact, I would recommend finding a guide to recipies and reading up on what all can be done, because you'll find that there are several of these infinite production loops that you can use to extend existing stores of materials with a catalyst such as Carbon, Oxygen, or Chromatic Metal. Really, the only harvesting I am doing right now is passive mining for Oxygen, farming for plants that can be broken down into planetary resources such as Pariffium, and gathering undersea resources.
That's implied since I said a depot load of Activated Indium itself can be sold for 50 million units at a time. But then you have to portal around more, and not all NPCs sell 5000. I was at some that only had 1000 or so. And once you buy it, it refills only if you exit the system and return. Seems easier to stand in one spot and get it directly, plus the geodes give you Rare Earth Metal bonuses as well as Pure and Magnetized. Depends on how much you need. If you are stockpiling, I'd do both to maximize the stockpile.
Look at the list for the best recipes.
https://nomanssky.gamepedia.com/Refiner
That's what I said, but not all formulas are equally productive. That's the point. The maximum conversion rate for magnetized ferrite appears to be 8x the original input, so you want to avoid all the other "stuff". Rare Earth Metal is really productive for Pure Ferrite, if you have a lot in storage, but not if you don't. That's the point. Some formulas are better than others. Especially since industrial mining some things in Beyond is broken, and for other things it is not.
Something to leave churning in a refiner while you're away doing other things. :)
Exactly, so don't do it. Ferrite mining is fast when you have tightly packed clusters of small rocks on a planet, fastest seems to be on certain exotic planets where everything is ferrite....and fast to mine too. I can easily load up 10000 units of Ferrite in a few minutes on one of those planets. Or if you have units to burn you can also buy some at various space stations, most sell it, but not always in a predictable quantitiy. And once you buy it up at one station you have to exit and reenter for the market to reset. That's why I prefer just getting mine on exotic planets with those little ferrite spheres everywhere.
Here is a list of various yield ratios for various start metals which will combine with ferrite dust to give magnetized ferrite which then gives pure ferrite:
1:1 Copper
2:1 Cadmium, Activated Copper
3:1 Emeril
4:1 Indium, Activated Cadmium
6:1 Activated Emeril
8:1 Activated Indium
Just remember to double the number on the left to get Pure Ferrite yields. So the best industrial scale yield would be 16:1.