An emerging 1.1-billion-tonne magnetite project

Lincoln Minerals has proposed a 1.1-billion-tonne magnetite project as a key component of South Australia’s Green Iron and Steel Strategy.

Positioned as one of the premier undeveloped magnetite projects in the state, Lincoln’s Green Iron project is ideally situated near Port Lincoln’s deep-water port and existing power infrastructure.

The project offers high-grade magnetite, clean concentrate grades, and access to renewable energy, aligning with the increasing global demand for green steel as industries strive to reduce carbon emissions.

Lincoln’s Green Iron project is expected to produce up to six million tonnes per annum (Mtpa) of magnetite concentrate.

“Lincoln’s Green Iron project is underpinned by our magnetite project, which we understand is the best potential magnetite supply source for the South Australian Government’s proposed domestic green iron and steel supply chain,” Lincoln chief executive officer Jonathon Trewartha said.

“Based upon a review of current data, the project has an aspirational goal of producing 6Mtpa of high-quality magnetite concentrate to supply both a domestic supply chain as well as potential for export tonnes to the global green steel industry.”

The company has already initiated discussions with green steel groups, both domestically and internationally, as part of its strategy to attract partners for project development.

The demand for green steel and the raw materials necessary for its production, such as magnetite, is expected to rise as companies within the steel industry work toward decarbonisation.

The project is further supported by the South Australian Government’s efforts to create an end-to-end domestic green iron and steel supply chain.

Lincoln’s project boasts numerous advantages, including its proximity to Tier 1 infrastructure, established towns, and competitive shipping routes to South-East Asia. Additionally, South Australia is considered a top tier mining jurisdiction, providing a stable and supportive investment environment for large-scale projects like Lincoln’s.