Welcome to the Magnetite Network (MagNet). Formed in April 2009, MagNet aims to build understanding of the emerging magnetite iron ore industry and to support Australian magnetite producers. MagNet’s members are seizing the opportunities presented by the increase in global demand for steel.
Our members aim to make regional areas a better place to work and live. Their projects each have a life span best measured in decades rather than years; they represent a significant, new, long-term and value-adding industry for Australia.
Our members are focused on adding value in Australia to low iron-content ore bodies to produce high iron-content magnetite concentrate – a commodity valued for its purity and chemical properties. Magnetite concentrate requires less energy and releases less carbon emissions in the production of premium quality steel.
But Australia’s emerging magnetite sector also faces considerable hurdles in supplying global markets and sharing these economic and environmental benefits. The Mining Tax, Carbon Tax and the amended State Royalty Regime directly impact on the sector’s prospects.
MagNet has welcomed the Western Australian Premier’s announcement in April 2013 to reduce royalty rates for a set period for start-up magnetite projects and acknowledge this change of policy as a strong commitment by Government to support WA’s emerging magnetite industry. At a Federal level, MagNet supports the policies of the recently elected Federal Government to repeal existing Mining Tax and Carbon pricing Legislation, as part of the Coalition’s Direct Action Plan.
MagNet will continue to brief Federal and State Governments on the need to secure a reliable energy source, affordable domestic gas and infrastructure as critical to the success of the magnetite industry. MagNet is working constructively to gain recognition by Australia’s decision-makers that the emerging magnetite industry needs and deserves support to achieve its full potential and contribute meaningfully to Australia’s growth and prosperity.
MagNet members continue to progress their projects. In January 2013, Gindalbie Metals dispatched its first shipment of magnetite concentrate from the Karara Iron Ore Project in the Mid West to China and commissioning of the Sino Iron Ore Project’s processing plant is underway
We encourage your interest and support. Find out more