Making our state's magnetite the world's choice for steelmaking
South Australia has developed a Magnetite Strategy to guide and support the development of the state's vast iron ore resources for economic growth and the creation of jobs within the supply chain.
If South Australia can capitalise on these deposits and increase the output of magnetite exported each year there will be significant opportunities for economic growth and jobs in the supply chain around this industry.
Global demand for steel and iron ore are expected to continue to grow with steelmakers looking to magnetite product as an alternative feedstock to complement direct shipping ore.
With future demand for magnetite concentrated within China, India and South East Asia, South Australia's Magnetite Strategy aligns to the South Australian government's international engagement strategies within these regions.
By 2030, South Australia will be a leading global supplier of quality magnetite products for steelmaking.
To secure $10 billion of combined investment by 2022 to unlock magnetite resources and increase South Australia's magnetite production to 50 million tonnes per annum by 2030.
Opportunities for jobs and community growth
South Australia has an opportunity to position itself as the foremost source of high-quality magnetite product for steelmaking. The state is a world-class exporter of mineral resources including hematite, copper, uranium and mineral sands.
We can plan now to capitalise quickly when resurgent demand for resources leads to the next inevitable upswing in the commodities cycles.
South Australia's Magnetite Strategy will help grow the mineral resources sector and provide jobs and growth in our regional and remote communities.
Operational mines and major projects in the pipeline
The development of South Australia's Magnetite Strategy
A workshop involving participants from industry, the supply chain, local government and various sectors of State Government was held in May 2016 to discuss the development of a long-term magnetite strategy. The workshop identified challenges and opportunities across three key areas:
- Comparative advantages of mining and processing magnetite in South Australia
- Market considerations to meet future global demand
- Stakeholder involvement - who needs to be involved
Feedback from the workshop assisted with the development of the Developing South Australia's Magnetite Strategy: Directions Paper (PDF 3.6 MB).
South Australian's were asked to provide feedback on the proposed strategy and approach outlined in the Directions Paper. The input guided the development of the Magnetite Strategy.
Where to from here?
- Implementation of the Magnetite Strategy will begin during in 2018