Australian iron ore miner Magnetite Mines has announced that a consortium led by themselves, Aurizon Holdings, Flinders Port Holdings and GHD has been launched to accelerate the establishment of a green iron industry in South Australia and to help decarbonize the steel industry.
Called Green Iron SA, the consortium aims to develop the Braemar iron region in South Australia to position the state as a global leader in low-carbon steel supply chain. Moreover, it will expedite the development of Magnetite Mines’ Razorback iron ore project, offering a secure supply of high-quality magnetite that is significant for the production of direct reduction (DR) grade iron ore. In the upcoming years, the consortium will begin producing DR grade pellets and exporting direct reduced iron (DRI) in the form of hot briquetted iron (HBI) from Port Pirie by the early 2030s.
Additionally, Green Iron SA plans to significantly reduce emissions in global steel production by using natural gas and green hydrogen when available, and to help Australia to meet its decarbonization targets.