Australia’s iron ore sector has traditionally been dominated by Western Australia, but emerging projects and investment in states across the country are starting to reshape the landscape, diversifying the country’s mining portfolio and boosting its competitive edge in the global market.
South Australia
The Razorback iron ore project, located in South Australia’s Braemar iron province, is a significant development managed by Magnetite Mines.
The project focuses on extracting high-grade magnetite ore, with mineral resources estimated at 3.2 billion tonnes.
It’s strategic location offers access to existing infrastructure, including railways and ports, facilitating efficient export routes to international markets.
Magnetite Mines is also advocating for national initiatives to promote green iron production. This has seen the company collaborate with industry partners to establish South Australia as a major green iron supplier through the consortium, Green Iron SA.
This initiative aims to utilise the state’s magnetite resources and renewable energy to produce green iron, significantly reducing emissions in steelmaking.
Another emerging SA magnetite player is Lincoln Minerals and its Green Iron project in South Australia.
Green Iron plans to produce up to three million tonnes of high-quality iron ore concentrate annually, with ore to be processed for conversion into green iron using hydrogen, supported by the region’s abundant renewable energy resources.
New South Wales
Another emerging iron ore jurisdiction is New South Wales, with the Hawsons project near Broken Hill leading the way.
Hawsons Iron believes the mine will supply one of the world’s highest-grade iron ore concentrate products to the global steel industry.
The company has already signed non-binding letters of intent for the offtake of more than 60 million tonnes per annum (Mtpa) of concentrate from the global steel sector, demonstrating the interest in its project.
Tasmania
The Savage River iron ore mine in north-west Tasmania is one of Australia’s premier magnetite mining operations.
Managed by Grange Resources, the mine has been in operation since 1967 and is renowned for producing high-quality magnetite concentrate and iron ore pellets used in steelmaking.
The operation continued to deliver strong results during the December quarter of 2024, despite facing wall instability at the south end of its Centre Pit.
Savage River produced 683,117 tonnes of concentrate and 598,303 tonnes of pellets during the quarter, maintaining stable production across its concentrator.
This output was supported by Centre Pit’s delivery of more high-grade ore than expected, bolstering the operation’s weight recovery rate of 41.1 per cent.
Queensland
Gladstone is home to its own green iron project, being developed in partnership between Quinbrook Infrastructure Partners and Central Queensland Metals (CQM).
The project will leverage the Eulogie resource, a vanadiferous titanomagnetite ore deposit estimated to contain 465 million tonnes of ore with potential for significant expansion.
The project represents capital investment of $3.5 billion, and will incorporate an integrated supply chain involving exploration, development, mining, ore concentration, transport and potential conversion of ore to green iron using hydrogen from the central Queensland hydrogen project (CQ-H2).
“Gladstone has all the fundamentals needed for a world class green iron project with many compelling cost advantages including what looks to be a world-class ore deposit,” Quinbrook Infrastructure Partners co-founder and managing partner David Scaysbrook said.
“These are the exact fundamentals that hopeful green steel producers need and are scouring the planet for and we have them right here in Gladstone.”
The development phase will span several years, with planning approvals underway and global interest from industry partners.
Australia’s future
While Western Australia will remain the dominant force in Australia’s iron ore industry, other mining companies and state governments across the country are investing in the commodity, particularly with an eye on a green iron future.
As these projects progress, Australia’s eastern states could boost the country’s iron ore supply, helping to meet growing global demand and bolstering local economies.
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