Making our magnetite the world's choice for steelmakers
South Australia is working 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.
- More than 90% of South Australia's iron ore is magnetite located in several prospective areas of the state, stretching from the Eyre Peninsula to the Braemar province and the Far North.
- Approximately 2.3 million tonnes of magnetite was produced in South Australia in 2018 for domestic use and export while there are a number of magnetite projects in various stages of development.
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.
More information on South Australia's Magnetite: Magnetite: South Australia's resource potential
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.