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News release: Tom Koutsantonis, Minister for Mineral Resources and Energy, Tuesday 17 January 2017

South Australians are being asked to provide their feedback on a Magnetite Strategy that aims to unlock the potential of the State’s largely untapped 14 billion tonnes of magnetite iron ore.

A Directions Paper has been released today outlining the advantages of developing South Australia’s magnetite for both local and overseas steelmakers.

South Australia’s Magnetite Strategy aims to secure a further $10 billion of committed investment to create the jobs and business opportunities required to ship 50 million tonnes a year of value-added magnetite to the world.

Background
A workshop held in May 2016 found a broad consensus in support of developing a South Australian Magnetite Strategy to help unlock the full potential of the State’s magnetite assets.

Three key themes were identified at the workshop – the need to assess South Australia’s comparative advantage, identify exports markets and engage with the community.

The Directions Paper, available at www.minerals.statedevelopment.sa.gov.au/magnetitestrategy and at YourSAy, further explores these themes and how South Australia can build on its already significant role in the iron and steel sector.

Quotes attributable to the Minister for Mineral Resources Tom Koutsantonis
Processed magnetite is a high grade, clean and concentrated product that requires less energy for steelmaking.

In a carbon-constrained world, this will make South Australian magnetite products a desirable export.

Our ambition is to build on the already strong foundation created by our iron and steel sector and make South Australian magnetite a product-of-choice in steelmaking around the world.

Community input to the Magnetite Strategy is essential so that the ambitions, expectations and concerns of South Australians can inform how the sector is developed in the coming years.