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Quinbrook backs $3.5bn Gladstone green steel project

Manufacturing News

Investment management company Quinbrook Infrastructure Partners has begun the development phase of a proposed $3.5 billion Green Iron Project in Gladstone, Queensland.

Quinbrook has partnered with Central Queensland Metals which holds the exploration permits for what is the largest known magnetite deposit in Queensland – magnetite is a type of iron ore suited to direct reduction utilising hydrogen.

Quinbrook will sponsor the detailed evaluation and testing of the Eulogie ore deposit, 70km west of Gladstone, estimated to contain 465 million tonnes of ore, to prove its quality and scale.

Co-founder and Managing Partner of Quinbrook Infrastructure Partners David Scaysbrook said Gladstone green steel was exactly the type of project the ‘Made in Australia’ and critical minerals policies of the Federal and Queensland State Government are designed to support.

Scaysbrook said: “Gladstone has all the fundamentals needed for a world class green iron project with many compelling cost advantages including what looks to be a world class ore deposit in close proximity to existing port infrastructure, as well as established road, rail and high voltage transmission infrastructure and more importantly, direct access to central Queensland’s abundant renewable power endowment.

“These are the exact fundamentals that hopeful green steel producers need and are scouring the planet for and we have them right here in Gladstone.”

The Gladstone Green Iron project represents a capital investment of up to $3.5 billion for the exploration, development, mining and concentration of the magnetite ore at Eulogie, the transport of concentrated ore to the Gladstone State Development Zone and potential conversion to green iron using hydrogen produced by the Central Queensland Hydrogen Project (CQ-H2).

Quinbrook has secured exclusive rights over land adjacent to CQ-H2 and is engaged in joint venture discussions with Stanwell Corporation on both hydrogen supply and the delivery of firm renewable power to support CQ-H2 and the power needs of the Gladstone Green Iron project.

Quinbrook has received several expressions of interest from global industry players regarding the project and expects to commence a process to select an industry partner for the green iron elements of the project once development work is further progressed and approvals secured.

Further reading:
Queensland solar destined for green hydrogen production

Image: Quinbrook Infrastructure Partners

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