Lincoln proposes magnetite project for SA's Green Iron Strategy

Iron ore company Lincoln Minerals has announced it has made a submission to the South Australian Government as part of the government’s Green Iron and Steel Strategy expression of interest (EOI) process, aimed at developing an end-to-end domestic green iron and steel supply chain — including the construction of a government-endorsed 2.5 million tonne per annum green steel plant. The submission is for a 1.1 billion tonne magnetite project to be a core component of the government’s strategy.

“Lincoln’s Green Iron Project is underpinned by our magnetite project, which we understand is the best potential magnetite supply source for the South Australian Government’s proposed domestic Green Iron and Steel supply chain,” said Lincoln’s Chief Executive Officer, Jonathon Trewartha. “Based upon a review of current data, the project has an aspirational goal of producing 6 Mtpa of high-quality magnetite concentrate to supply both a domestic supply chain as well as potential for export tonnes to the global green steel industry.

“We are also commencing the next phase of our Green Iron Partnering process, whereby we are seeking to engage with both domestic and global steel industry participants who seek to partner with Lincoln to develop this project.”

Lincoln has been operational on the Eyre Peninsula for more than 15 years and says it has established strong local knowledge and relationships, which underpins the potential to develop the Green Iron Project as part of the South Australian Green Iron and Steel Strategy or as part of a broader regional supply chain strategic partnering process.

Lincoln’s Green Iron Project (previously known as the Fusion Project) is one of several potential magnetite projects located in South Australia, Lincoln believes it is well placed to satisfy the SA Government’s needs.

South Australia’s Green Iron and Steel Strategy has a vision to position South Australia as the partner of choice for decarbonised steelmaking. It also aims to allow South Australia to be a key contributor of the minerals, green iron and green steel required to support the global energy transition. The SA strategy is advancing steadily through to its multiphase approach and is currently at Phase 4, which incorporates the various interested parties (of which Lincoln is one) who have made expressions of interest relating to their specific area of interest in the overall potential green iron and steel domestic supply chain.

The South Australian Government plans to explore the establishment of new, high-value green iron production facilities in the Upper Spencer Gulf, where a potential new 2.5 million tonne per annum direct reduction green iron plant could be established that would add a significant number of construction and ongoing jobs as well as adding approximately $3 billion per annum to South Australia’s gross state product.

Image credit: iStock.com/BeyondImages