Lincoln Minerals (ASX:LML) has submitted its proposal for a 1.1 billion tonne Green Iron Magnetite Project to the South Australian Government, aligning with the State’s Green Iron and Steel Strategy.
This project aims to play a pivotal role in establishing a comprehensive domestic green steel supply chain.
The project, located near Port Lincoln, boasts several high-grade attributes, including access to renewable energy and existing power infrastructure.
Lincoln's discussions with various Green Steel groups indicate a robust interest in developing domestic mills for green steel production.
The project targets producing 6 million tonnes per annum of high-quality magnetite concentrate to supply both domestic and global markets.
"Lincoln's Green Iron Project is underpinned by our magnetite project, which we understand is the best potential magnetite supply source for the South Australian Government's proposed domestic Green Iron and Steel supply chain," said Lincoln's CEO Jonathon Trewartha.
"Based upon a review of current data, the project has an aspirational goal of producing 6Mtpa of high-quality magnetite concentrate to supply both a domestic supply chain as well as potential for export tonnes to the global green steel industry."
The proposal aligns with the government's efforts to decarbonise the steel industry, anticipating that demand for green steel and its raw materials will rise.
Additionally, Lincoln's Kookaburra Graphite Project pre-feasibility study is on track for delivery in October, further supporting strategic partnering discussions.
Lincoln's strategy involves advancing to expressions of interest to attract partners for project development.
The company aims to support the development of the South Australian green iron and steel supply chain and address the increasing demand for green steel globally.