Private equity group proposes ‘green iron’ processing facility in Australia
Quinbrook Infrastructure Partners, a private equity group, has proposed working on a new iron ore mine and a ‘green iron’ processing facility in Australia’s Queensland. The project is expected to cost as much as $2.4 billion.
The processing facility would refine magnetite iron into ‘green iron’. The steel precursor would be processed using hydrogen produced from clean energy sources instead of coal, decarbonizing the steelmaking process.
Quinbrook said it is working on planning approvals. However, the development of the project would take several years.
Also read: Decision looms for Glencore’s carbon capture approval in Queensland amid environmental safety debate
Australia recently announced its government’s flagship program to lure manufacturing and minerals processing to the country. The ‘green iron’ project is an apparent coup for this program.
“This is exactly the type of project the ‘Made in Australia’ and critical minerals policies … are designed to support and the recent Federal budget announcements have given us and our partners the confidence to get on with it,” Quinbrook Managing Partner David Scaysbrook said in a statement.
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