Interactive tool offers overview of magnetite mining, iron ore processing, and ironmaking in Australia
Key Takeaways:
IEEFA has launched its Australian Green Iron Tracker, an interactive, visual tool providing an overview of the current state of magnetite mining, iron ore processing, and ironmaking in Australia.
Australia is well below the pace needed for a nation aiming to lead the emerging global green iron market, with data from the Tracker showing slow progress in the development of low-emissions ironmaking projects in Australia.
While Australia boasts vast resources of magnetite, which is well suited to green iron production, project development in this area has been sluggish, with many deposits still only at the mineral resource definition stage and far from operational readiness.
A few new magnetite projects have more momentum, but Australia must act quickly to accelerate large-scale development in magnetite mining to stay competitive in the global transition to low-emissions iron and steel.
26 August 2025 (IEEFA Australia) | The Institute for Energy Economics and Financial Analysis (IEEFA) has launched its Australian Green Iron Tracker, an interactive data tool that provides users with a visual snapshot of the current state of the low-emissions ironmaking value chain in Australia.
It uses data compiled from a range of authoritative sources, including Magnetite South Australia, Geoscience Australia and companies’ publicly available data. Analysts from IEEFA’s global steel team will be updating the tracker on a regular basis.
“This Tracker is built from a comprehensive dataset of operating and proposed pilot and commercial-scale iron production facilities across Australia,” says Soroush Basirat, Energy Finance Analyst, Global Steel at IEEFA. “It aims to capture the full value chain of low-emissions ironmaking, with a particular emphasis on projects utilising direct reduction technologies and magnetite mining. The dataset is intended to support industry monitoring and research into the development of Australia’s emerging green iron sector.”
The Tracker shows that Australia is currently lagging behind its international competitors in the race to seize the opportunity presented by low-emissions ironmaking.
“Despite a growing pipeline of projects, none of the large-scale initiatives across the ironmaking value chain have reached a final investment decision,” says Basirat. “Critically, although Australia boasts vast resources of magnetite, which is particularly well suited to green iron production, most project developments in this area have been progressing slowly.”
Other key findings from IEEFA’s Australian Green Iron Tracker include:
- Most projects in Australia remain in the early stages of scoping or pre-feasibility studies, with timelines for advancement still uncertain. In contrast, smaller pilot-scale facilities are advancing more rapidly than commercial-scale ventures, often based on novel technologies.
- Not all of Australia’s abundant magnetite deposits are suitable for direct reduction (DR)-grade feedstock. Key determining factors include deposit size, proximity to infrastructure, mining costs, and the ore’s amenability to beneficiation and impurity removal. Still, ample high-grade ore from major deposits is available to support the transition.
- To remain competitive in the global transition to low-emissions iron and steel, Australia must act quickly to accelerate large-scale development in magnetite mining. While overall progress has been slow, a few of the most promising magnetite deposits – including Magnetite Mines’ Razorback & Iron Peak project, Hawsons Iron and Central Eyre Iron Project (CEIP) – are showing greater momentum due to their high-grade resources and favourable locations.
Basirat concludes: “The Australian Green Iron Tracker provides detailed insights into all of these trends and developments. It offers users a graphic illustration of the current condition and future outlook for low-emissions ironmaking in this country. Our aim is to undertake regular updates on the dataset, to provide a key source of ongoing information on this subject for Australia.”
To visit IEEFA’s Australian Green Iron Tracker, click here.
Media contact: Amy Leiper [email protected] +61 (0) 414 643 046
Author contact: Soroush Basirat, [email protected]
About IEEFA: The Institute for Energy Economics and Financial Analysis (IEEFA) examines issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy. (ieefa.org)