The South Australian Government has announced a new magnetite strategy, committing to an annual export goal of 50 million tonnes of iron ore by 2030.
The magnetite plan aims to secure approximately $10 billion of committed investment, and grow the sector by more 50 times its current state.
Currently the state produces around 1.6 million tonnes annually.
The South Australian Chamber of Mines and Energy welcomed the state’s commitment.
“South Australia’s beneficiated magnetite is a high grade iron oxide with low impurity levels which is highly sought after, as it greatly increases the efficiency of blast furnaces across the globe,” SACOME chief executive Jason Kuchel said.
“SACOME has long believed a focused magnetite strategy is a critical step in marketing the benefits of our magnetite to global steel mills and developing these resources in a capital constrained market.
“The ability to address the hurdles identified by the strategy will be central to its success.”