Magnetite Mines has signed an MOU with Port Pirie Regional Council, a local government area in South Australia, to develop Port Pirie into a future hub for green iron production.

This initiative aligns with the global steel industry’s shift towards decarbonisation and the anticipated Green Iron & Steel Strategy by the South Australian Government.

The MOU outlines a collaborative effort to engage with state and federal governments, plan for green iron production, and involve the community and First Nations in the process.

Magnetite Mines and the council will carry out preliminary planning for future green iron production in Port Pirie, and engage with community and First Nations.

Furthermore, the parties with assess potential partnerships including international steel producers and hydrogen suppliers to support the future green iron industry in Port Pirie.

In a press statement, Magnetite Mines said: “With the imminent release of the South Australian Government’s Green Iron & Steel Strategy, this MoU establishes a framework for Council and MGT [Magnetite Mines] to collaborate and position Port Pirie for future mineral “value adding” opportunities while ensuring community involvement throughout the planning process.”

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The MoU also encompasses the development of infrastructure to support the Razorback Iron Ore Project, potentially enhancing water supply and port facilities for magnetite exports.

Magnetite Mines CEO Tim Dobson said: “We see a once-in-a-generation, economy-changing opportunity for South Australia to take a leading role in global steel sector decarbonisation thanks to its expansive magnetite resources, green hydrogen and renewable energy.

“It is clear to me that Port Pirie is a robust and logical location for South Australia’s second iron hub – processing and exporting Braemer iron ores for decades into the future.”

In December 2023, Magnetite entered a partnering agreement with the Ngadjuri Nation, the Native Title owner of the land on which the Razorback Iron Ore Project is located.

The agreement is a voluntary, best-practice initiative aimed at delivering benefits for both the company and the Ngadjuri.