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Highlights
- Australia risks falling behind in green iron development
- Magnetite projects remain in early stages
- Select companies show progress in advancing projects
Australia holds vast potential in magnetite resources, which are essential for the transition to low-emissions steelmaking. However, progress in moving from exploration to production has been slower compared to other countries. This trend raises questions about how the nation positions itself in the global steel decarbonisation journey, particularly when compared to ASX 200 companies that are already advancing in related sectors.
Mapping Australia’s Green Iron Pathway
The Institute for Energy Economics and Financial Analysis (IEEFA) has introduced the Australian Green Iron Tracker, a tool designed to highlight developments across the green iron value chain. The tracker compiles insights from Geoscience Australia, Magnetite South Australia, and company reports to provide a comprehensive view of progress in magnetite mining and low-emissions iron initiatives.
This tool places emphasis on direct reduction technologies and magnetite use, both of which are critical in shaping the future of sustainable steelmaking. It also aims to provide industry watchers with a clearer picture of how Australia is positioned relative to international peers.
Slow Transition from Resource to Operation
Despite Australia’s abundance of magnetite deposits, many projects remain in the early planning phases. A significant portion of these projects has yet to progress to advanced feasibility or operational readiness. This slower pace leaves Australia at risk of ceding leadership to competitors who are already progressing toward commercial-scale ventures.
Companies Driving Momentum
Among the companies pushing forward, Magnetite Mines (ASX:MGT) is working on its Razorback and Iron Peak projects, both of which benefit from high-grade ore and infrastructure advantages. Hawsons Iron (ASX:HIO) is another company showing movement in this space, supported by its Central West New South Wales project.
The Central Eyre Iron Project, also gaining attention, represents another step in building a potential domestic green iron supply chain. These developments indicate that while progress is slow overall, there are companies committed to advancing the sector.
Outlook for Australia’s Position
The global race to produce green iron and low-emissions steel is intensifying. Without accelerated development, Australia risks losing its opportunity to lead in this transition. While the resources are abundant, moving from planning to action will determine whether the country secures a competitive position in the future steel industry.
