Adelaide's independent news


State Govt aims to double number of iron ore mines


A new State Government strategy aims to double the number of iron ore mines in South Australia within 15 years.

8 Comments Print article

The Magnetite Strategy, released at the South Australian Exploration and Mining Conference today, seeks to expand South Australia’s output of magnetite iron ore to 50 million tonnes a year by 2030. In 2016, the state produced about three million tonnes.

Mineral Resources and Energy Minister Tom Koutsantonis said South Australia had 44 per cent of Australia’s magnetite resources, meaning there was an opportunity to broaden production to new areas in the state’s Far North, Mid North and Eyre Peninsula.

He said there was an increasing global demand for energy efficient, high-grade magnetite, which is sought after by steelmakers.

“South Australia already has two magnetite exporters and this strategy will enable us to more than double that by encouraging investment in several world-class projects,” Koutsantonis said.

The strategy aims to attract $10 billion in investment to develop magnetite assets.

It also aims to maximise the benefits of investment to the broader community. The strategy includes the creation of a Central Eyre Iron Project Task Force, designed to ensure third parties benefit from company Iron Road’s proposed $4.5 billion magnetite mine on the Eyre Peninsula, which would include a rail link to a new deep-water port on Spencer Gulf.

The Government released a draft strategy for community and industry comment in January this year.

– InDaily

We value local independent journalism. We hope you do too.

InDaily provides valuable, local independent journalism in South Australia. As a news organisation it offers an alternative to The Advertiser, a different voice and a closer look at what is happening in our city and state for free. Any contribution to help fund our work is appreciated. Please click below to become an InDaily supporter.

Powered by PressPatron


8 Show comments Hide comments
Will my comment be published? Read the guidelines.

More Business stories

Loading next article