Magnum Mining and Exploration (ASX:MGU) subsidiary Magnum Green Steel USA is collaborating with the West Virginia Department of Economic Development on the Appalachian Iron Project.
The company reports the project has been submitted by the Office of US Senator Joe Manchin as a Congressionally Directed Spending Request to the Senate Appropriations Committee Subcommittee on Energy and Water. Magnum notes the submission is the first key milestone in the process of applying for Congressionally Directed Spending for applied research related to the project.
Commenting on the collaboration, Magnum Mining and Exploration Chief Executive Officer (CEO) Neil Goodman says: “The company is most grateful to Senator Manchin for his support of this important project that Magnum is working on in cooperation with the West Virginia Department of Economic Development.
“The Senator’s request to the Appropriations Committee is a significant step forward for Magnum that may result in crucial research and financial support to advance the Appalachian Iron Project”
The Senator’s request to the Appropriations Committee is a significant step forward for Magnum that may result in crucial research and financial support to advance the Appalachian Iron Project to convert waste iron oxide materials from legacy slag dumps into high-value pig iron, using sustainably sourced biochar.
The Appalachian Iron Project has the potential to create a large number of quality jobs in the state of West Virginia. We appreciate the West Virginia Department of Economic Development’s support in these efforts to advance the Appalachian Iron Project, and we look forward to continuing to develop the project together as we move forward.”
Magnum reports the vision of the project is to produce net-zero carbon ‘green’ steel by converting locally sourced, sustainably produced biomass, including forestry waste, into biochar.
The company says this will generate carbon credits that can be used to offset the carbon emissions from pig iron smelting and will allow the smelted material to be certified as net-zero carbon.
Additionally, Magnum says biochar and local waste iron oxides will be injected into a Hlsmelt furnace to produce liquid pig iron, slag, and waste heat.
The low-carbon pig iron can be sold to local steel mills to allow them to produce net-zero carbon or green steel. The slag can also be sold to local cement manufacturers to replace Portland cement in concrete, further reducing carbon emissions. Meanwhile, the waste heat will be converted to steam for use in generating renewable electricity for the local grid.
Magnum Mining and Exploration is an ASX-listed iron ore company based in Melbourne. The company operates a portfolio of iron assets in the US including the Buena Vista Magnetite Iron Ore and Hlsmelt Pig Iron Project in Nevada, as well as the Appalachian Iron Hlsmelt Pig Iron Project in West Virginia.
Images: Magnum Mining and Exploration Ltd
