South Australia To Double Number Of Magnetite Mines In Less Than 15 Years

South Australia To Double Number Of Magnetite Mines In Less Than 15 Years

South Australia Minister for Mineral Resources and Energy Tom Koutsantonis

Magnetite Strategy To Double Number Of Iron Ore Mines In South Australia

Victor P Taffa

Mineral Resources Minister Tom Koutsantonis has launched South Australia’s Magnetite Strategy, which aims to more than double the number of magnetite mines in the State in less than 15 years.

“Increasing global demand for more energy efficient, high-grade magnetite has created an opportunity for South Australia to unlock the potential of its substantial magnetite assets.” Minister for Mineral Resources and Energy Tom Koutsantonis said.

“South Australia already has 2 magnetite exporters and this Strategy will enable us to more than double that number by encouraging investment in several world-class projects.”

Released to industry at the South Australian Exploration and Mining Conference at the Adelaide Convention Centre this morning, the Magnetite Strategy seeks to attract the investment required to transform the State’s in-ground iron assets into high-volume products to supply energy efficient steelmakers.

 

Four actions in the Strategy will guide the Government’s interaction with companies to develop resources and regional infrastructure and build community support for an expanded industry.

Background

South Australia’s Magnetite Strategy has been developed with industry and the community to guide the expansion of magnetite product output to 50 Million tonnes a year by 2030.

South Australia is endowed with 44 % of the nation’s magnetite resource creating an opportunity to widen the number of producers from the current GFG Alliance and CU-River Mining Australia to several new projects in the Far North, Mid North and Eyre Peninsula.

Strategy will promote South Australia’s high-grade, low-impurity magnetite products to global steelmakers and work with mining companies to ensure local businesses and communities can share in the economic activity generated by the expansion of the industry.

As part of the Strategy, the Government has created the Central Eyre Iron Project Task Force to ensure third parties benefit from Iron Road’s proposed $4.5 Billion investment in Australia’s largest magnetite mine linked by rail to a new deep-water port on Spencer Gulf.