A group of Australian magnetite iron ore companies have formed an initiative to increase awareness and understanding of the burgeoning magnetite sector.
The Magnetite Network (MagNet) was unveiled last week at a conference held by the Australia China Business Council in Beijing.
The network’s founding members include Pilbara miners Atlas Iron and CITIC Pacific Mining, plus Extension Hill and Karara Mining.
Karara Mining is a recent joint venture formed by Gindalbie Metals and China’s AnSteel Group.
A key objective of MagNet is to educate and inform Australians about the potential benefits of magnetite mining, as well as helping to shape government policy and regulatory outcomes.
According to MagNet executive director Megan Anwyl, the Australian magnetite industry could generate billions of dollars in export revenue, as well as potentially create thousands of direct and indirect jobs.
“The development of Western Australia’s large scale magnetite projects has the potential to deliver massive gains to Australia,” she said.
“With an estimated 8,600 new jobs in the construction phases as well as annual export revenue in excess of $6 billion, the importance of the magnetite projects is crucial to Australia’s long term iron ore industry.”
Anwyl also said that increased magnetite production will ultimately help Australia in its efforts to reduce carbon emissions because of more efficient downstream processing.
“Magnetite mining in Australia is essentially a win-win in both an economic and environmental sense,” she said.