Magnetite expansion in sight for South Australia
The South Australian Chamber of Mines and Energy (SACOME) welcomes the South Australian Government’s commencement of a Magnetite Strategy announced last week, which aims to secure $10 billion of committed investment in iron ore mining projects over the next five years, targeting an annual export goal of 50 million tonnes of iron ore by 2030.
Drawing similarities to South Australia’s recently announced Copper Strategy - which has been well received by investors, mining companies and overseas Governments - the Magnetite Strategy can assist in the development of South Australia’s rich magnetite resources.
Jason Kuchel, Chief Executive of SACOME said “South Australia’s beneficiated magnetite is a highgrade iron oxide with low impurity levels which is highly sought after, as it greatly increases the efficiency of blast furnaces across the globe. This saves costs for steel mills, and importantly reduces their carbon emissions, a priority for China resulting in ever tightening operational standards.”
With the State’s current level of magnetite production at around 1.6 million tonnes a year, the longterm Magnetite Strategy seeks to establish South Australia as a global source of quality magnetite product for steelmaking.
The South Australian minerals sector remains South Australia’s largest export group and further developing the State’s resources wealth will benefit the economy and community significantly, including through jobs, royalties, taxes, multi-user infrastructure and a range of direct and indirect opportunities across Adelaide and the regions.
Mr Kuchel said “SACOME has long believed a focused Magnetite Strategy is a critical step in marketing the benefits of our magnetite to global steel mills and developing these resources in a capital constrained market. The ability to address the hurdles identified by the Strategy will be central to its success.”
“The Magnetite Strategy is a welcome opportunity which will aim to identify initiatives that can bring some of the state’s extensive magnetite resources forward, including our magnetite rich regions throughout the Eyre Peninsula and Braemer Province.”
“The Magnetite Strategy is a good first step, however much work needs to be done to overcome the challenges to the industry - such as escalating power prices – to ensure we maximise the benefits for all South Australians.”
The South Australian Chamber of Mines and Energy (SACOME) welcomes the South Australian Government’s commencement of a Magnetite Strategy announced last week, which aims to secure $10 billion of committed investment in iron ore mining projects over the next five years, targeting an annual export goal of 50 million tonnes of iron ore by 2030.
Drawing similarities to South Australia’s recently announced Copper Strategy - which has been well received by investors, mining companies and overseas Governments - the Magnetite Strategy can assist in the development of South Australia’s rich magnetite resources.
Jason Kuchel, Chief Executive of SACOME said “South Australia’s beneficiated magnetite is a highgrade iron oxide with low impurity levels which is highly sought after, as it greatly increases the efficiency of blast furnaces across the globe. This saves costs for steel mills, and importantly reduces their carbon emissions, a priority for China resulting in ever tightening operational standards.”
With the State’s current level of magnetite production at around 1.6 million tonnes a year, the longterm Magnetite Strategy seeks to establish South Australia as a global source of quality magnetite product for steelmaking.
The South Australian minerals sector remains South Australia’s largest export group and further developing the State’s resources wealth will benefit the economy and community significantly, including through jobs, royalties, taxes, multi-user infrastructure and a range of direct and indirect opportunities across Adelaide and the regions.
Mr Kuchel said “SACOME has long believed a focused Magnetite Strategy is a critical step in marketing the benefits of our magnetite to global steel mills and developing these resources in a capital constrained market. The ability to address the hurdles identified by the Strategy will be central to its success.”
“The Magnetite Strategy is a welcome opportunity which will aim to identify initiatives that can bring some of the state’s extensive magnetite resources forward, including our magnetite rich regions throughout the Eyre Peninsula and Braemer Province.”
“The Magnetite Strategy is a good first step, however much work needs to be done to overcome the challenges to the industry - such as escalating power prices – to ensure we maximise the benefits for all South Australians.”