Australia risks falling behind comparable countries to produce low-emissions iron despite significant magnetite resources, according to analysis from the Institute for Energy Economics and Financial Analysis (IEEFA).
IEEFA on Wednesday launched its Australian Green Iron Tracker, an interactive tool that uses data from Geoscience Australia, Magnetite South Australia and company reporting to assess magnetite mining and iron ore production.
The tracker is designed to map the emerging green iron value chain and will be updated regularly by IEEFA’s global steel team.
Soroush Basirat, energy finance analyst for global steel at IEEFA, said the tracker maps the entire low-emissions ironmaking chain, with emphasis on direct reduction technologies and magnetite mining.
“It aims to support research and industry monitoring as Australia considers its role in the transition to green steel,” Basirat said.
Despite ample deposits of magnetite — a key ingredient for green iron production — most projects remain in scoping or prefeasibility stages. Progress has been particularly slow in moving deposits from resource definition to operational readiness.
A handful of projects, including Magnetite Mines’ (ASX:MGT) Razorback and Iron Peak, Hawsons Iron (ASX:HIO) and the Central Eyre Iron Project, show stronger momentum thanks to high-grade ore and favourable infrastructure. But IEEFA warned that without accelerated development, Australia risks ceding leadership to international competitors already advancing commercial-scale ventures.
Write to Dan Petrie at Mining.com.au
Images: Magnetite Mines
