India’s potential for investments in Australian Iron mines

A nascent Australian iron ore mine sees the potential of investments from India. The supply contracts of higher-grade magnetite resources are suitable for making green steel. The world’s second largest steel producer’s commitment to climate change, formalises strategic partnerships. Richard Moon, General Manager for International Sales and Marketing at Macarthur Minerals said, “for the development and infrastructure required to commercialise the Lake Giles Iron Project remains a key focus this year.”

The organization is in dynamic conversations with various worldwide enterprises possibly adding capital and specialized capacities to the undertaking. Pushing on the potential outcomes of the Indian steel sectpr participation, Moon expects Indian investment upto $500 million. Considering normal to create three to 4,000,000 tons/year of higher-grade mineral, out of which one to 2,000,000 tons could be provided to India. Green steel is made utilizing hydrogen instead of coal to comat environmental changes.

The Direct Reduction Iron (DRI) process and the utilization of energy, can transform magnetite grade ore into Green Steel. Moon, noticed India’s long term plans to create Green Steel. India’s interests in the two uber mines, upto USD 50-100 million, is attached to supply of magnetite ore agreements at competitive prices. India’s highest grade ore is 64% Fe Fines, and imports of 66-69%.