Global investment company Quinbrook Infrastructure Partners, which focuses specifically on infrastructure for the energy transition, has announced that the development phase of its “green iron” project in Gladstone, Queensland, Australia, has begun.
Quinbrook has joined forces with Central Queensland Metals (CQM), which has the exploration permits for the largest magnetite deposit in Queensland called Eulogie. As part of the collaboration, the investment company will provide funds for the assessment of the magnetite ore deposit to prove its quality and scale.
Containing an estimated 465 million mt of titanomagnetite ore in its reserves, the Eulogie deposit has the technical characteristics for low-cost extraction. Also, with the help of exploration works to be carried out by CQM, the deposit may provide magnetite more than double the above amount.
The project, which is expected to take several years to complete, will require up to $3.5 billion of capital investment. The extracted ore will be transported to the Gladstone State Development Zone, where it has the potential to be converted into green iron using hydrogen.