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The Magnetite Expansion Project (MEP1) in Whyalla is underway with geotechnical drilling at Iron Duke, 56km from Whyalla, to secure magnetite for the Whyalla Steelworks. The project aims to produce 2.5 million tonnes of magnetite per year, ensuring over 300 jobs and extending mine life by at least 20 years.

It is supported by a $20 million loan from the Australian and South Australian Governments, part of a $275 million funding package. The sale process for the Steelworks has five shortlisted bidders. This project is critical for transitioning to green steel and restoring confidence in Whyalla's industrial future.