Lincoln touts its flagship project as key to state government’s Green Iron and Steel future

Lincoln Minerals Ltd (ASX:LML) has provided a submission to the South Australian government proposing that its Green Iron (magnetite) Project in the Eyre Peninsula could become a player within the government’s Green Iron and Steel Strategy.

Lincoln applied under the Strategy’s expression of interest (EOI), touting its 1.1 billion-tonne project as a ‘premier undeveloped magnetite project’ whose location – close to a deepwater port at Port Lincoln – and high-grade mineralisation could play a key role in this strategy.

Also central to the Green Iron Project’s profile is growing interest from green steel groups with whom Lincoln executives have met, who are seeking to develop domestic green steel mills.

The Green Iron and Steel Strategy Expression of Interest (EOI) process is seeking to develop a domestic green iron and steel supply chain for the state, and this will include construction of a 2.5 million tonne per annum green steel plant, endorsed by the government.

Lincoln chief executive officer Jonathon Trewartha said that given the project’s parameters, several options were possible for its future.

“Lincoln’s Green Iron Project is underpinned by our magnetite project, which we understand is the best potential magnetite supply source for the South Australian Government’s proposed domestic Green Iron and Steel supply chain,” he said.

“Based upon a review of current data, the project has an aspirational goal of producing 6Mtpa of high-quality magnetite concentrate to supply both a domestic supply chain as well as potential for export tonnes to the global green steel industry.

“We are also commencing the next phase of our Green Iron Partnering process, whereby we are seeking to engage with both domestic and global steel industry participants who seek to partner with Lincoln to develop this project.”

AS part of its submission to the state government, Lincoln highlighted its assembling of a working group dedicated to analysing the project, who have defined it as the best undeveloped magnetite project in the region, citing its infrastructure and location, generation scale, and in particular its capacity to produce a clean, high-quality concentrate.

Lincoln has been trading flat today at 0.6 cents.

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