Critical minerals, News, Sustainability

Green light for SA green steel

South Australia’s abundant magnetite resources will be the key to decarbonise the global steel-making chain, according to a new study.

South Australia’s abundant magnetite resources will be key to decarbonising the global steelmaking chain, according to a new study.

A collaboration between Europe’s largest seaport authority, the Port of Rotterdam, and Monash University has shown South Australian green iron has a 21 per cent cost advantage when compared with shipping its raw components to Europe.

The study pointed to South Australia’s magnetite – a higher-grade form of iron ore used in the production of green iron and steel – abundant renewable energy generation and investment in green hydrogen power.

“Green iron and steel will play a pivotal role in decarbonising the global economy, and in South Australia we have what the world needs to deliver on this,” SA Minister for Energy and Mining Tom Koutsantonis said.

“This ‘Green Iron Supply Chain’ report confirms that South Australia’s unique natural combination of sun, wind and superior magnetite resources put us in a strong position to have a critical role in decarbonising global steel production.

“Building on our advantages, we’re looking for partners who can help us scale up a commercial industry and supply chain to transform raw iron ore into value-added low carbon exports – meaning new opportunities and more jobs for South Australians.”

The South Australian Government will open a formal expressions of interest process for companies to partner in developing a green iron industry and supply chain in June.

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