Lincoln Minerals is seeking a partner to help fund and develop the Green Iron magnetite project to operational status.
Green Iron is underpinned by a 1.2 billion tonne magnetite resource that consists of a head grade of 25.7 per cent iron and an average Davis Tube Recovery of 22.5 per cent. Its average concentrate grade is 66.4 per cent iron and five per cent silicon dioxide.
The project is located about 35km north of Port Lincoln on South Australia’s Eyre Peninsula. It has been owned by Lincoln Minerals since 2018.
A recent review of Green Iron was conducted by Lincoln Minerals’ new management team, including chief executive officer Jonathon Trewartha, which highlighted the potential of entering a partnership to Green Iron.
The first phase of the partnering process will aim to advance Green Iron to definitive feasibility study status while completing approval documents.
Lincoln Minerals anticipates Green Iron to gather additional interest due to the growing acceptance of high-quality magnetite concentrate as a feedstock for green steel production.
“We believe there is substantial potential value in Lincoln’s 100 per cent owned Green Iron project, which in our view is currently not reflected in Lincoln’s share price, due to a lack of awareness by the market of the scale and attractiveness of previous study outcomes,” Lincoln Minerals director Julian Babarczy said.
“Following our review of the project, it is clear it has a compelling and significant scale, with detailed yet incomplete, advanced stage feasibility studies undertaken on all aspects of the project showing the potential to produce a very high-quality magnetite end-product with favourable metallurgical characteristics, ideal for the production of green steel in the region.”
Trewartha said the Green Iron project has potential to play a key role in a decarbonised future.
“Magnetite, with its environmental advantages, has emerged as an appealing option for sustainable, low carbon steel production,” he said.
“Lincoln’s Green Iron project, focused on producing a coarse-grind, high-grade iron ore concentrate, is expected to attract interest from potential steel producers, as has been the case with other peers in the region.
“The project’s unique properties, positive environmental impact, and proximity to established infrastructure and workforce contribute significantly to the project’s attractiveness.”
The South Australian Government recently revealed it was keen to partner with businesses to jointly investigate the development of a hydrogen-based direct reduction iron plant.
“The world needs steel, and as it seeks to decarbonise, it will increasingly need green iron and steel,” SA Premier Peter Malinauskas said.
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