Abstract The Channagiri Mafic-Ultramafic Complex occupies lowermost section of the Neoarchaean Shimoga supracrustal group in the Western Dharwar Craton. It is a segmented body occupying the interdomal troughs of granitoids. The magnetite deposits occur in the northeastern portion; typically occupying the interface zone between gabbro and anorthositic. Mineralogically, the deposits are simple with abundant magnetite and ilmenite. Hogbomite is a consistent minor mineral. Magnetites are typically vanadiferous (0.7–1.25% V2O5). Ilmenite consistently analyses more MgO and MnO than coexisting magnetite. Chlorite, almost the only silicate present; lies in the range of ripidolite, corundophilite and sheridanite. The chromiferous suit occupying eastern side of Hanumalapur block (HPB) contains Fe-Cr-oxide analysing 37.8–11.9% Cr2O3 and 40.5–80% FeOt. In these too, chlorite, typically chromiferous (0.6–1.2% Cr2O3), is the most dominant silicate mineral. Geochemistry of V-Ti-magnetite is dominated by Fe, Ti and V with Al, Si, Mg and Mn contributing most of the remaining. Cr, Ni, Zn, Co, Cu, Ga and Sc dominate trace element geochemistry. The Cr-magnetite is high in Cr2O3 and PGE. Two separate cycles of mafic magmatism are distinguished in the CMUC. The first phase of first cycle, viz., melagabbro-gabbro, emplaced in the southeastern portion, is devoid of magnetite deposits. The second phase, an evolved ferrogabbroic magma emplaced in differentiated pulses, occupying northeastern portion of the complex, consists of melagabbro→gabbro-anorthosite→V-Ti magnetite→ferrogabbro sequence. Increase in oxygen fugacity facilitated deposition of V-Ti magnetite from ferrogabbroic magma pulse emplaced in late stages. The second cycle of chromiferous PGE mineralized suite comprises fine-grained ultramafite→alternation of pyroxinite-picrite→Crmagnetite sequence formed from fractionation of ferropicritic magma. HPB also includes >65m thick sill-like dioritic phase at the base of the ferriferous suit and a sinuous band of coarse-grained ultramafite enclosed within the chromiferous suit; both unrelated to the two mafic magmatic cycles.