South Australia– Lincoln Minerals is making a bold move in South Australia’s push for a green steel industry, unveiling plans to develop its vast Green Iron magnetite project on the Eyre Peninsula. The project, boasting an impressive 1.1 billion tonnes of magnetite, positions the company as a key player in the state’s ambition to produce low-carbon steel by 2030.
The South Australian Government, helmed by Premier Peter Malinauskas, is investing significantly in the transition to green steel, as evidenced by its 2030 low-carbon vision. Lincoln Minerals’ Green Iron project is perceived as an essential means for this transition, providing one of the biggest unutilized sources of magnetite in the state. In the green ore supply race, Lincoln is trying to take the leed as the market is still emerging.
CEO Jonathon Trewartha expressed confidence in the project’s strategic advantages. “Lincoln’s Green Iron Project is underpinned by our magnetite project, which we understand is the best potential magnetite supply source for the South Australian Government’s proposed domestic Green Iron and Steel supply chain,” Trewartha said. “The project has an aspirational goal of producing 6 million tonnes per annum of high-quality magnetite concentrate.”
One of the project’s significant advantages is its location. It sits equidistant between the deep-water ports of Port Lincoln and the proposed Cape Hardy shipping terminal. The site is also in proximity to expanded power transmission lines and a desalinated water supply, providing the necessary infrastructure for large-scale operations. Furthermore, it is near the proposed direct reduction iron (DRI) plant in Whyalla, expected to produce 2.5 million tonnes of green steel annually.
The deposit’s size and quality are standout features. At 1.1 billion tonnes, and still open for expansion, the magnetite deposit holds a head grade of 25.8 per cent, which after treatment delivers a remarkable 66.9 per cent concentrate. Further testing suggests that refining the ore to 45 microns could result in an even higher-grade DRI concentrate of over 69 per cent, offering Lincoln Minerals substantial cost advantages.
Discussions are now underway with potential partners as the company aims to leverage the growing demand for carbon-neutral materials in the steel industry.
With the impact of global steel industry in reducing greenhouse gas emission, which is reported to be around 9% of the total global emission, Lincoln’s Green Iron project is the right choice to be involved in the provision of carbon-neutral materials. The company is currently in discussions with potential partners to capitalize on this growing demand.
Expressions of interest in the project are due by tomorrow, with all submissions being reviewed before the company follows up with respondents early next year.
The goal of Lincoln is simple: to be the center of the booming South Australian green iron and steel industry aside from using the world markets as the source of the sustainable steel solutions.