Pipeline magnetite iron ore projects Australia has sufficient iron ore concentrate to begin green pelletized iron ore, but considerably more supply will be needed to realize its green iron ambitions. Experience shows that developing new facilities to produce iron ore concentrate and pellets can take at least a decade, suggesting that projects initiated today will not be ready for DRI production until the mid-2030s. Participants at the workshop highlighted the onerous government permitting process as a major delaying factor. Projects in the pipeline for Australia and the region are summarized in Figure 2 and Table 1. Proposed magnetite concentrate facilities include: –Razorback (SA): Magnetite Mines, targeting 5-10 Mtpa of DR-grade concentrate, working on final investment decision (FID). –Fusion Project (Eyre Peninsula, SA): Lincoln Materials, targeting 3-6 Mtpa of DR-grade concentrate. –Central Eyre Iron Project (Eyre Peninsula, SA): Iron Road, targeting 12 Mtpa of DR-grade concentrate. –Ridley Magnetite Project (Pilbara, WA): Hancock Prospecting, targeting up to 16 Mtpa of DR-grade concentrate. –Middleback Ranges – expansion (SA): SIMEC Mining, currently operating at 2+ Mtpa, upgrading to 7 Mtpa by 2028 and 15 Mtpa in phase 2. The roles that green iron hubs and Lighthouse projects could play in enabling the more rapid and widespread development of Australia’s green iron industry are discussed further in Chapter 4.4. Novel green iron technologies and pilots BOX 3 Fortescue: its hematite-based Green Iron Metal Project is starting at lab-scale, progressing to a technical demonstration plant at the company’s Green Energy Hub at Christmas Creek, Pilbara (WA). It will use green hydrogen to reduce the ore and an electric smelting furnace (ESF) to produce 1,500 tonnes of high-purity green iron metal per year. Both the hydrogen plant and the ESF are partly powered by solar panels, but will be fully renewable by 2030.35 Calix: specializes in low-emissions mineral and metal production. Based in Bachhus Marsh, Victoria, Calix is now piloting its new “Zesty” green iron/zero- emission steel technology, using various Australian ores. To succeed, the project requires access to flexible electricity and sufficient green hydrogen. Progressive Green Solutions: developing a green iron plant in Geraldton (Mid-West, WA) that aims to deliver phase one capacity of 7 Mtpa of green iron and 2.5 Mtpa of green hydrogen by 2029. Electra: a US start-up, based in Boulder, Colorado, it trialling its electro-winning (non-DRI, non-hydrogen option) process that can use the whole range of Australian ores as feedstock, including those with <55% iron content. A demonstration plant is under construction and will be able to operate with intermittent renewable energy sources.36 Some of these novel clean technologies and projects – alongside other progressive entries – have been listed in the First Movers Coalition First Suppliers Hub – an open-source global repository of innovative and emerging products needed to decarbonize the world by 2050.37 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 16

Unlocking Asia-Pacific as a First Mover 2025