Magnetite projects fit perfectly into Australia’s green future but they are hamstrung by insufficient power, water and regulatory fatigue, Sanjiv Manchanda said.
Already a subscriber?The head of projects at Hancock Prospecting says a plan to make Western Australia the “California of Australia” was riddled with regulatory shortcomings that will hold back the transition to green steel.
Magnetite is particularly suitable to green steelmaking because in its natural form it contains a higher concentration of iron than the iron ore for which the Pilbara is best known. However, magnetite projects require energy-intensive processing. While some producers are desperate for renewable power to replace fossil fuels they rely on, Mr Manchanda said emissions may just have to go up to create green steel elsewhere.
He also reserved criticism for the safeguard mechanism, the flagship carbon emissions reduction policy of the Albanese government, which Hancock believes adds further regulatory burdens that detract from bold projects. Fortescue’s Iron Bridge magnetite project, for example, will rely on a 220-kilometre transmission line built to connect it to the gas-fired plant at the Andrew Forrest-backed company’s Solomon mining hub.Hancock’s interest lies in Ridley, which could eventually produce 16.5 million tonnes of magnetite a year.. “But as an industry we are facing the reality of little light at the end of the government approvals tunnel, which prevents us getting these new projects built,” he said.
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