Monsters of Rock: Lynas backer eyes share of green steel supply chain with Grange, Rio banks on copper - *
Grange Resources secures support of Japanese commodities trader for Southdown magnetite project in WA as it moves toacquire 30% minority partner. High grade mine is expected to benefit from transition to ‘green steel.
A Japanese company known for backing rare earths giant Lynas (ASX:LYC) has re-emerged in the Australian market as a proposed offtake partner for a high grade iron ore development on WA’s south caost.Grange Resources (ASX:GRR) is one of a handful of companies producing pellets for direct reduced iron steel plants, a low emissions form of steelmaking expected to pay high premiums and grab a growing market share as the world chases net zero targets in hard to abate sectors like steel production.
A DFS is poised for the end of the March quarter. And Grange has removed a roadblock to production for the 388Mt reserve by buying out its 30% minority partner SRT Australia."
Japan is looking at magnetite hey? I have no doubt in my mind that MGT will have an offtake offer from the japs. POSC, another Japanese steel behemoth , was just at NSW talking about magnetite...when you see smaller Japanese companies buying up magnetite mines, you can be sure that the awareness of green steel is picking up pace in Japan. This is very encouraging news
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