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A warning about the future of Iron Ore mining in Australia from FMG CEO - and why green steel production needs a super kick along

Australia risks losing its iron ore dominance, Fortescue CEO says
By Melanie Burton
October 29, 20245:28 PM GMT+11Updated 12 days ago

Summary
Companies
Australia faces competition from Guinea mine, green iron projects
Tough lesson in Australia's nickel industry collapse
Fortescue presses for more government, industry collaboration
Oct 29 (Reuters) - Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday.

Australia is the world's biggest supplier of seaborne iron ore, accounting for around half of global supply. But the Pilbara grades dug up from the country's west are generally regarded as too low to be turned into steel without using coal.

That means as steel makers decarbonise, they are turning elsewhere for iron ore, which could hit Australia's top export earner, Otranto said at the IMARC conference in Sydney.

[URL unfurl="true"]https://www.reuters.com/markets/commodities/australia-risks-losing-top-spot-global-steel-supply-chain-fortescue-says-2024-10-29/[/URL]

<blockquote data-quote="basilio" data-source="post: 1303726" data-attributes="member: 18692">A warning about the future of Iron Ore mining in Australia from FMG&nbsp; CEO - and why green steel production needs a super kick along<h3>Australia risks losing its iron ore dominance, Fortescue CEO says</h3>By <a href="https://www.reuters.com/authors/melanie-burton/" target="_blank">Melanie Burton</a>October 29, 20245:28 PM GMT+11Updated 12 days ago<ul>
<li data-xf-list-type="ul">Summary</li>
<li data-xf-list-type="ul">Companies</li>
</ul>
<ul>
<li data-xf-list-type="ul">Australia faces competition from Guinea mine, green iron projects</li>
<li data-xf-list-type="ul">Tough lesson in Australia&#039;s nickel industry collapse</li>
<li data-xf-list-type="ul">Fortescue presses for more government, industry collaboration</li>
</ul>Oct 29 (Reuters) - Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday.Australia is the world&#039;s biggest supplier of seaborne iron ore, accounting for around half of global supply. But the Pilbara grades dug up from the country&#039;s west are generally regarded as too low to be turned into steel without using coal.That means as steel makers decarbonise, they are turning elsewhere for iron ore, which could hit Australia&#039;s top export earner, Otranto said at the IMARC conference in Sydney.[URL unfurl=&quot;true&quot;]https://www.reuters.com/markets/commodities/australia-risks-losing-top-spot-global-steel-supply-chain-fortescue-says-2024-10-29/[/URL]</blockquote>

[QUOTE="basilio, post: 1303726, member: 18692"] A warning about the future of Iron Ore mining in Australia from FMG CEO - and why green steel production needs a super kick along [HEADING=2]Australia risks losing its iron ore dominance, Fortescue CEO says[/HEADING] By [URL='https://www.reuters.com/authors/melanie-burton/']Melanie Burton[/URL] October 29, 20245:28 PM GMT+11Updated 12 days ago [LIST] [*]Summary [*]Companies [/LIST] [LIST] [*]Australia faces competition from Guinea mine, green iron projects [*]Tough lesson in Australia's nickel industry collapse [*]Fortescue presses for more government, industry collaboration [/LIST] Oct 29 (Reuters) -[B] Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday.[/B] Australia is the world's biggest supplier of seaborne iron ore, accounting for around half of global supply. But the Pilbara grades dug up from the country's west are generally regarded as too low to be turned into steel without using coal. That means as steel makers decarbonise, they are turning elsewhere for iron ore, which could hit Australia's top export earner, Otranto said at the IMARC conference in Sydney. [URL unfurl="true"]https://www.reuters.com/markets/commodities/australia-risks-losing-top-spot-global-steel-supply-chain-fortescue-says-2024-10-29/[/URL] [/QUOTE]

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