Like always, it depends on a lot. HIO is attractive because it plans to use improve its low grade magnetite into high grade magnetite. This magnetite is attractive for green steel.
But research is been made on converting cheap hematite into magnetite and then into green steel using hydrogen DRI .
Its definitely scientifically possible, but may not be economical.... time will tell. But if successful, the whole steel industry will undergo a structural change, we will no longer export iron ore to China, but a refined green pig iron product.
don't expect the iron ore majors to give up their massive resources.
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