The SA Government is seeking feedback on a Magnetite Strategy that aims to exploit the potential of the State’s largely untapped 14 billion tonnes of magnetite iron ore.
Mineral Resources Minister Tom Koutsantonis has announced the release of a Directions Paper outlining the advantages of developing South Australia’s magnetite for both local and overseas steelmakers.
“Processed magnetite is a high grade, clean and concentrated product that requires less energy for steelmaking. In a carbon-constrained world, this will make South Australian magnetite products a desirable export,” the Minister said.
“Our ambition is to build on the already strong foundation created by our iron and steel sector and make South Australian magnetite a product-of-choice in steelmaking around the world.”
He said the Magnetite Strategy aims to secure a further $10 billion of committed investment to create the jobs and business opportunities required to ship 50 million tonnes a year of value-added magnetite to the world.
“Community input to the Magnetite Strategy is essential so that the ambitions, expectations and concerns of South Australians can inform how the sector is developed in the coming year,” Mr Koutsantonis concluded.
The Directions Paper is available at minerals.statedevelopment.sa.gov.au/magnetitestrategy and at YourSAy.