DryFlow Magnetics has secured up to A$48.4 million in grant funding from the Australian Renewable Energy Agency (ARENA) to develop a commercial demonstration plant in South Australia that will process magnetite iron ore into high-purity iron concentrate for low-emissions steelmaking.
In a LinkedIn post, the company said the project, supported by ARENA’s Future Made in Australia Innovation Fund, will involve the design, construction and operation of a plant with a capacity of 1.5 million tonnes per annum.
DryFlow said its technology processes iron ore without using process water and with significantly lower energy consumption than conventional water-intensive methods. The company said the approach could help unlock iron ore resources constrained by water availability.
The project is intended to support the production of higher-value iron concentrate for future steelmaking, rather than relying solely on bulk iron ore exports.
DryFlow said the initiative has received backing from the South Australian Government and the CSIRO, while equipment for the plant will be manufactured in Adelaide.
The company did not provide a construction timeline or expected commissioning date in its announcement.
