Magnetite Mines spearheads green iron initiative

Magnetite Mines (ASX:MGT) has announced the creation of the Green Iron SA consortium to accelerate the green iron industry in South Australia. This consortium includes Magnetite Mines, Aurizon Holdings, Flinders Port Holdings, and GHD. The focus is on transforming Port Pirie into a hub for green iron production, aligning with government decarbonisation policies.

Strategic plans and future outlook

The formation of the Green Iron SA consortium marks a pivotal move by Magnetite Mines towards developing a sustainable green iron industry in South Australia. The consortium aims to leverage the region's magnetite reserves and renewable energy potential to transform Port Pirie into a green iron hub. Key goals include developing infrastructure in partnership with government bodies, aligning with decarbonisation policies, and creating economic benefits for the Upper Spencer Gulf region. The phased development strategy will start with the Razorback Iron Ore Project, with future ambitions of exporting Hot Briquetted Iron by the early 2030s. The consortium also seeks to position South Australia as a leader in the low-carbon steel supply chain, utilizing natural gas and green hydrogen to reduce emissions.

Executive insights on green iron development

Tim Dobson, Magnetite Mines: Emphasized the importance of the magnetite resources and their role in creating a world-class green iron industry. David Steele, Aurizon Holdings: Highlighted the need for integrated logistics solutions to support sustainable iron ore transportation. Stewart Lammin, Flinders Port Holdings: Spoke on leveraging existing infrastructure to expedite the transition to a green iron industry. Mike Nolan, GHD: Expressed enthusiasm for using green hydrogen and renewable energy to set new standards in the global iron and steel industry.