Magnetite Mines, an Australian iron ore company, has outlined its plans to achieve 100% renewable energy supply by 2027, aligning with its green iron ambitions. The company is focusing on developing the Razorback Iron Ore Project, which aims to produce near-pure magnetite concentrates using renewable energy sources.
Material actions and disclosures
Magnetite Mines has committed to baselining the environmental and social impacts of its operations against global best practices, with an ambition to outperform peer iron ore suppliers on Scope 1, 2, and 3 emissions profiles. The company is also evaluating the use of saline water for conventional processing, which has the potential to remove the requirement for a coastal desalination plant and associated water supply pipeline.
Forward commitments
The company aims to secure regulatory approvals and licences required for the Razorback Project, including those under the South Australian Mining Act 1971. Magnetite Mines is also planning to engage with stakeholders to manage risks related to land access, cultural heritage, and community engagement.
Magnetite Mines’ commitment to renewable energy and its efforts to manage environmental and social impacts are key aspects of its green iron strategy. The company is actively monitoring risks and opportunities associated with climate change and the energy transition, and is working to incorporate these into its policy, strategy, and risk management processes.