Magnetite Mines MoU flags Port Pirie potential

Magnetite Mines (ASX:MGT) has signed a memorandum of understanding (MoU) with Port Pirie Regional Council to elevate the development potential of Port Pirie as a future green iron production hub.

The MoU was signed by Mayor Leon Stephens and Magnetite Mines Chief Executive Officer Tim Dobson at a ceremony at Port Pirie earlier today (13 February 2024).

With the imminent release of the South Australian government’s Green Iron & Steel Strategy, Magnetite Mines says this MoU establishes a framework for it and the council a to collaborate and position Port Pirie for future mineral ‘value adding’ opportunities while ensuring community involvement throughout the planning process.

Magnetite Mines Chief Executive Officer Tim Dobson says the company sees a ‘once-in-a-generation, economy-changing opportunity’ for South Australia to take a leading role in global steel sector decarbonisation.

“All major international steelmakers are committed to reducing their carbon footprints and need green iron to achieve that. It is clear to me that Port Pirie is a robust and logical location for South Australia’s second iron hub – processing and exporting Braemer iron ores for decades into the future.

Speaking on behalf of the MGT board and team, we are delighted to be working with council and the Port Pirie community as we vigorously pursue this significant green iron opportunity.”

The MoU provides the framework for both to strategically engage state and federal government on the development potential for green iron production in Port Pirie; undertake preliminary planning for future green iron production in Port Pirie; assess other partnerships and alliances that support a future green iron industry in Port Pirie.

In addition to green iron production, the MoU also provides a framework for cooperation on the development of supporting infrastructure for the Razorback Iron Ore Project, including potential water supply elements and port development for the bulk export of magnetite products.

The Port Pirie Regional Council says as the global steel industry decarbonises, new ‘green iron’ hubs are set to emerge where high-grade iron ore, such as magnetite concentrates, co-exist with future green hydrogen production.

Taking advantage of the city’s outstanding industrial capacity, the establishment of a green iron hub in Port Pirie is a natural fit for downstream processing of the abundant magnetite resources of the Braemar iron province, 160km to the East of Port Pirie, including the Razorback Iron Ore Project.

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Images: Magnetite Mines 
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Written By Adam Orlando Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.