'Green iron' project in Gladstone gets sponsorship

Tuesday, 21 May, 2024

'Green iron' project in Gladstone gets sponsorship

Quinbrook Infrastructure Partners (Quinbrook) has announced it has commenced the development phase on the proposed Green Iron Project in Gladstone, Queensland. Quinbrook is a specialist investment manager focused on the infrastructure needed for the energy transition.

Quinbrook has partnered with Central Queensland Metals (CQM), which holds the exploration permits for what is the largest known magnetite deposit in Queensland. Quinbrook will sponsor the detailed evaluation and testing of the ore deposit to prove its quality and scale.

The Eulogie resource is a vanadiferous titanomagnetite ore deposit located 70 km west of Gladstone, estimated to contain 465 million tonnes of ore with attractive characteristics for low-cost extraction. The deposit is anticipated to have the potential to support a resource more than double this amount after further exploration work is undertaken by CQM supported by Quinbrook. Quinbrook is currently developing a portfolio of renewable energy and storage projects in central Queensland dedicated to power multiple new energy-intensive manufacturing projects planned for the Gladstone region in support of the Queensland Government’s Energy and Jobs Plan.

The Gladstone Green Iron project represents a capital investment of up to $3.5 billion on current estimates and incorporates the exploration, development, mining and concentration of the magnetite ore at Eulogie, the transport of concentrated ore to the Gladstone State Development Zone and potential conversion to green iron using hydrogen produced by the Central Queensland Hydrogen Project (CQ-H2).

The company said there are multiple export opportunities for both the ore concentrate and green iron using the existing rail infrastructure through to the Gladstone Port. Quinbrook has secured exclusive rights over land adjacent to CQ-H2 and is engaged in joint venture discussions with Stanwell Corporation on both hydrogen supply and the delivery of firm renewable power to support CQ-H2 and the power needs of the Gladstone Green Iron project.

The development phase is expected to take several years to complete with planning approvals already underway. Quinbrook has received several expressions of interest from global industry players regarding the project and expects to commence a process to select an industry partner to take over the design, construction and operation of the green iron elements of the project once development work is further progressed and approvals secured.

“This is unquestionably an ambitious project that directly addresses the hopes for Australia’s manufacturing renaissance,” said David Scaysbrook, Co-founder and Managing Partner of Quinbrook Infrastructure Partners. “Whilst in its early stages, we believe the project has the potential to create a significant new infrastructure investment and export opportunity in the same way that Queensland’s coal seam gas resources have already done.”

Image: Artist's impression.

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