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 a noteworthy step for private green iron Australia initiatives, expected to cost as much as $2.4 billion.
The processing facility would refine magnetite iron into ‘green iron’. This private green iron Australia project aims to process the steel precursor 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. This emphasizes the long-term commitment to private green iron efforts in Australia.
Australia recently announced its government’s flagship program to lure manufacturing and minerals processing to the country. The private green iron Australia project is an apparent coup for this program.
“This is exactly the type of private green iron Australia 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.