South Australia Shows its Mettle as Australia’s Next Major Iron Ore Hub
Iron ore has been mined in South Australia longer than any other state, but it hasn’t managed to attain the same ‘major iron ore hub’ status that the Pilbara has.
“While South Australia has been producing iron ore longer than any other state in Australia, it has really been overshadowed since the late 60s by the Pilbara, which has obviously grown essentially to supply well over half of the world’s traded iron ore,” Mark Eames, director of junior developer Magnetite Mines (ASX:MGT), told Stockhead.
The South Australian government has realised the value of getting this iron ore out of the ground and is aggressively promoting the state’s magnetite to steel producers.
It’s aiming to secure $10bn of investment to get those resources out of the ground. By 2030, South Australia wants to be a leading global supplier of quality magnetite products for steelmaking.
And more recently the state government released its 20-year infrastructure plan.
“The release of South Australia’s 20-Year State Infrastructure Strategy is an important first step in developing the infrastructure required to harness the untapped potential of South Australia’s resources sector,” South Australian Chamber of Mines & Energy (SACOME) CEO Rebecca Knol told Stockhead.
“The Braemar province, if it were developed, has the potential to double the states royalty revenue for 30 years. Current royalties are $325m per annum.”
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