FIRB approval unlocks payments for Iron Road

Mining and green hydrogen developer Iron Road has received Foreign Investment Review Board approval for its giant Cape Hardy hydrogen and metals manufacturing project on the Eyre Peninsula in South Australia.

FIRB approval unlocks $4.5 million payments from its partner AMP Energy, with an initial $1.5 million Cape Hardy milestone payment from Amp Energy received, and a further $3 million milestone payment also unlocked and due for payment before end-Q4 2024.

This also allows retention by Iron Road of a $2.5 million deposit paid by Amp in 2024.

Iron Road plans large scale magnetite iron ore mining and concentrate export from a deep water port it is building at Cape Hardy. An adjacent industrial precinct is planned to produce and export green hydrogen and house green iron and other industries utilising the region’s developing renewables supplies.

AMP Energy, a Carlyle portfolio company, has signed an agreement to develop green hydrogen at scale on the Cape Hardy Port Precinct.

Iron Road also told investors that it had commissioned WSP Australia to investigate a slurry pipeline option for the transport of iron concentrate from the Central Eyre Iron Project (CEIP) mine to the port site at Cape Hardy.

“This logistics option is expected to be more efficient and reduce capital and/or operating costs vs. heavy haulage rail or private road haulage alternatives.

“It has also been raised as a clear logistics preference by potential CEIP investors.”

Further reading:
Iron Road selects Amp Energy for Eyre Peninsula hydrogen hub

Picture: Iron Road