It uses data compiled from a range of authoritative sources, including Magnetite South Australia, Geoscience Australia and companies’ publicly available data. Analysts from IEEFA’s global steel team will be updating the tracker on a regular basis.
“This Tracker is built a comprehensive dataset of operating and proposed pilot and commercial-scale iron production facilities across Australia,” Soroush Basirat, Energy Finance Analyst, Global Steel at IEEFA. “It aims to capture the full value chain of low-emissions ironmaking, with a particular emphasis on projects utilising direct reduction technologies and magnetite mining. The dataset is intended to support industry monitoring and research into the development of Australia’s emerging green iron sector.”
The Tracker shows that Australia is currently lagging behind its international competitors in the race to seize the opportunity presented by low-emissions ironmaking.
“Despite a growing pipeline of projects, none of the large-scale initiatives across the ironmaking value chain have reached a final investment decision,” says Basirat. “Critically, although Australia boasts vast resources of magnetite, which is particularly well suited to green iron production, most project developments in this area have been progressing slowly.”
Other key findings from IEEFA’s Australian Green Iron Tracker include:
- Most projects in Australia remain in the early stages of scoping or pre-feasibility studies, with timelines for advancement still uncertain. In contrast, smaller pilot-scale facilities are advancing more rapidly than commercial-scale ventures, often based on novel technologies.
- Not all of Australia’s abundant magnetite deposits are suitable for direct reduction (DR)-grade feedstock. Key determining factors include deposit size, proximity to infrastructure, mining costs, and the ore’s amenability to beneficiation and impurity removal. Still, ample high-grade ore from major deposits is available to support the transition.
- To remain competitive in the global transition to low-emissions iron and steel, Australia must act quickly to accelerate large-scale development in magnetite mining. While overall progress has been slow, a few of the most promising magnetite deposits, including Magnetite Mines’ Razorback & Iron Peak project, Hawsons Iron and Central Eyre Iron Project (CEIP), are showing greater momentum due to their high-grade resources and favourable locations.
Basirat said: “The Australian Green Iron Tracker provides detailed insights into all of these trends and developments. It offers users a graphic illustration of the current condition and future outlook for low-emissions ironmaking in this country. Our aim is to undertake regular updates on the dataset, to provide a key source of ongoing information on this subject for Australia.”
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