Tempest Minerals has signed a memorandum of understanding (MoU) with GreenSteel of WA, a company focused on creating a sustainable steel manufacturing industry for Western Australia.
The MoU establishes a framework for Tempest and GreenSteel to explore potential development opportunities for the former’s Remorse magnetite deposit within the Yalgoo project in WA.
The collaboration aims to leverage GreenSteel’s production expertise and Tempest’s Remorse deposit to produce high-grade magnetite concentrate for use in green steelmaking processes.
The MoU’s key objectives include maximising potential for Tempest to secure a local off-taker for its iron ore, planning the engineering design of a pelletising and direct reduction plant, and developing a preliminary infrastructure plan.
Tempest and GreenSteel will also explore potential synergies in financing and develop a long-term business plan, with the latter currently developing a $3 billion direct reduced iron plant iron to be situated adjacent to Yalgoo.
“This MoU with Tempest Minerals marks a significant step towards realising our vision of processing WA’s vast reserves of iron ore and moving further towards steelmaking by producing hot briquetted iron suitable for electric arc furnace steel-making facilities globally,” GreenSteel non-executive director Don Johnston said.
“The Remorse deposit’s high-grade magnetite aligns perfectly with our green steelmaking ambitions to create a national steel and iron processing company for the low carbon economy.
“By leveraging WA’s abundant renewable energy resources and Tempest’s promising iron ore assets, we’re positioning ourselves at the forefront of the global transition. This collaboration exemplifies the industry partnerships necessary to unlock Western Australia’s full potential in the mineral processing chain.”
Recent drilling at Remorse intersected significant high-grade iron mineralisation with grades up to 39 per cent iron. Tempest plans to conduct further drilling and metallurgical testwork in the March quarter to further validate the deposit.
“This MoU with GreenSteel marks an important step in advancing our Remorse magnetite deposit,” Tempest managing director Don Smith said.
“By partnering with a leader in green iron steel technologies, as well as a proven developer in the field, we aim to position Remorse as a near future supplier of high-grade iron ore for the rapidly evolving low-carbon steel industry.”
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