Unlocking Asia-Pacific as a First Mover 2025

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14. The Hon Chris Bowen MP , Minister for Climate Change and Energy. (2025, 18 September). Joint media release: Setting Australia’s 2035 climate change target [Press release]. https://minister.dcceew.gov.au/bowen/media-releases/joint- media-release-setting-australias-2035-climate-change-target. 15. Sources: – BCG Situational Analysis (unpublished, 2025), citing: Graham, P ., Hayward, J. and Foster J. (2024). GenCost 2023-24: Final report. Commonwealth Scientific and Industrial Research Organisation (CSIRO), Australia. https://www.csiro.au/-/ media/Energy/GenCost/GenCost2023-24Consultdraft_20231219-FINAL.pdf. – Reuters. (2025). Australia boosts underwriting scheme for renewables to meet clean energy target. https://www. reuters.com/sustainability/climate-energy/australia-boosts-underwriting-scheme-renewables-meet-clean-energy- target-2025-07-29/. 16. Australia Minerals. (2023). Australian Magnetite Ore 2023 Factsheet. https://www.australiaminerals.gov.au/__data/assets/ pdf_file/0004/176116/Australian-Magnetite-Ore-2023-Factsheet.pdf. 17. Department of Climate Change, Energy, the Environment and Water, Australian Government. (2025). Net Zero. https://www.dcceew.gov.au/climate-change/emissions-reduction/net-zero. 18. BCG Situational Analysis (unpublished, 2025). 19. Climate Energy Finance. (2024). Green Metal Statecraft: Forging Australia’s Green Iron Industry. https://climateenergyfinance.org/wp-content/uploads/2024/11/CEF_Green-Metal-Statecraft_FINAL.pdf. 20. Australia Minerals. (2023). Australian Magnetite Ore 2023 Factsheet. https://www.australiaminerals.gov.au/__data/assets/ pdf_file/0004/176116/Australian-Magnetite-Ore-2023-Factsheet.pdf. 21. Geoscience Australia, Australian Government. (2023). Iron Ore. https://www.ga.gov.au/scientific-topics/minerals/mineral- resources-and-advice/australian-resource-reviews/iron-ore. 22. Geoscience Australia, Australian Government. (2023). Iron Ore. https://www.ga.gov.au/scientific-topics/minerals/mineral- resources-and-advice/australian-resource-reviews/iron-ore. 23. Institute for Energy Economics and Financial Analysis (IEEFA). (2022). Iron Ore Quality a Potential Headwind to Green Steelmaking. https://ieefa.org/sites/default/files/2022-06/Iron%20Ore%20Quality%20a%20Potential%20Headwind%20 to%20Green%20Steelmaking_June%202022.pdf. 24. Nicholas, S. (2025). In 2025, Australia needs to accept that its iron ore and coal markets are changing permanently… and gas is not a solution. Institute for Energy Economics and Financial Analysis (IEEFA). https://ieefa.org/resources/2025- australia-needs-accept-its-iron-ore-and-coal-markets-are-changing-permanently-and. 25. International Energy Agency (IEA). (2024). Definitions for Near-Zero and Low-Emissions Steel and Cement, and Underlying Emissions Measurement Methodologies. https://www.iea.org/reports/definitions-for-near-zero-and-low- emissions-steel-and-cement-and-underlying-emissions-measurement-methodologies. 26. Institute for Energy Economics and Financial Analysis (IEEFA). (2022). Fact Sheet: The facts about steelmaking, Steelmakers seeking Green steel. https://ieefa.org/sites/default/files/2022-06/steel-fact-sheet.pdf. 27. This target is based on guidance from the International Energy Agency (IEA). Source: World Economic Forum. (2025). First Movers Coalition – Steel commitment. https://reports.weforum.org/docs/WEF_First_Movers_Coalition_Steel_ Commitment.pdf. 28. Kavalsky, L. & Viswanathan, V. (2024). Electrowinning for Room-Temperature Ironmaking: Mapping the Electrochemical Aqueous Iron Interface. The Journal of Physical Chemistry C, Vol. 128/Issue 35. https://pubs.acs.org/doi/10.1021/acs. jpcc.4c01867. 29. Midrex. (2025). 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W Australian bill to help green Fe, renewable energy. https://www.argusmedia.com/en/news-and- insights/latest-market-news/2729620-w-australian-bill-to-help-green-fe-renewable-energy. 34. Institute for Energy Economics and Financial Analysis (IEEFA). (2025). Australia’s green iron and steel race – Global competition leaves no time to wait for technology. https://ieefa.org/articles/australias-green-iron-and-steel-race-global- competition-leaves-no-time-wait-technology. 35. Fortescue. (2025). Green Iron Metal Project. https://www.fortescue.com/en/what-we-do/our-growth-projects/green- metal-project. Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 53
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