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Media Release: MGT Welcomes Aligned SA Gov Green Iron and Steel Strategy

21 June 2024


Magnetite Mines Limited (ASX:MGT) welcomes yesterday’s release by the South Australian Government of the State’s Green Iron and Steel Strategy centred on its vision to  be a partner of choice for decarbonised steelmaking and a key contributor of the minerals, green iron and green steel required to support the global energy transition.

The announcement by the South Australian Government can be found here.

The Green Iron and Steel Strategy seeks to establish a new green iron plant in the Upper Spencer Gulf by 2030 or earlier. Magnetite Mines is aligned with this objective, as its focus is on the development of premium ‘DR-grade’ iron ore concentrates at its flagship Razorback Iron Ore Project in South Australia’s Braemar Iron Province, a product that will be essential for the green iron plant identified in the strategy.

MGT CEO Tim Dobson said:

“Magnetite Mines welcomes the launch of South Australia’s Green Iron and Steel Strategy and sees it is a major milestone in the state’s journey towards realising its potential as a magnetite mining powerhouse. We are fully aligned with the government’s ambitions to build upon the state’s advantage of abundant magnetite resources, extensive renewable energy and its investment in hydrogen production.

“The Strategy outlines priority actions aimed at enabling the State to play a leading role in meeting the world’s emerging demand for green iron and, critically, expresses the State Government’s intent to provide certainty for projects and initiatives that will contribute to the development of a green iron industry by providing a leading regulatory framework and supporting access to land, water and supporting infrastructure. These are essential factors for the successful development of a green iron and steel industry.

“Furthermore, the Strategy places Port Pirie firmly on the map as a potential green iron industrial precinct. Earlier this year, Magnetite Mines identified Port Pirie as a robust and logical location for South Australia’s green iron hub, and we are intent on supporting Port Pirie as a future centre for processing and exporting Braemar iron ores and green iron products for decades into the future.

“We look forward to engaging further with the South Australian Government, industry partners and community stakeholders via the State Government’s Green Iron Expression of Interest process to help identify pathways for South Australia to deliver on its vision for a new era of low-carbon iron and steelmaking.”

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