Australia Tests Magnetic Technology for Green Iron Production
DryFlow Magnetics plans to pilot magnetic technology at a South Australian iron ore mine, aiming to revolutionize green steel manufacturing. The initiative follows a $10 million funding round and aligns with projections that green iron could generate $386 billion annually by 2060.
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DryFlow Magnetics will launch a commercial pilot project at Peak Iron Mines' Hawks Nest site in South Australia, processing 20 tonnes of material per hour, with plans to scale up to 200 tonnes. This technology uses solid-state magnets to extract higher-grade iron ore without water, potentially reducing water usage by 95%.
The Australian federal government has initiated a $1 billion fund to support the green iron industry, with projections indicating the sector could generate $386 billion annually by 2060. If successful, this technology may position Australia as a leading supplier of high-purity iron, significantly reducing emissions in steel production. The advancement could unlock valuable reserves, particularly in South Australia, and aid in achieving environmental goals.
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