Quinbrook Sponsors Eco-Friendly Iron Project in Gladstone, Queensland

On May 20, 2024, Quinbrook Infrastructure Partners ("Quinbrook"), a specialized global investment manager dedicated solely to the infrastructure required for the energy transition, announced the initiation of the development phase for the proposed Green Iron Project in Gladstone, Queensland.

Quinbrook has joined forces with Central Queensland Metals (‘CQM’), the holder of exploration permits for Queensland's largest known magnetite deposit. Quinbrook will finance the comprehensive assessment and testing of the ore deposit to verify its quality and extent. This endeavor will leverage the top-tier metallurgical expertise within the Australian resources industry.

The Eulogie resource, situated 70km west of Gladstone, is a vanadiferous titanomagnetite ore deposit estimated to hold 465 million tonnes of ore with favorable qualities for economical extraction. Through additional exploration efforts by CQM, backed by Quinbrook, the deposit is expected to potentially yield a resource exceeding double this quantity. Concurrently, Quinbrook is in the process of establishing a collection of renewable energy and storage projects in central Queensland. These projects are designed to supply energy to numerous new energy-intensive manufacturing ventures slated for the Gladstone region, aligning with the objectives outlined in the Queensland Government’s Energy and Jobs Plan.

The Gladstone Green Iron project is estimated to require a capital investment of up to $3.5 billion and encompasses various stages, including exploration, development, mining, and concentration of magnetite ore at Eulogie. This ore will then be transported to the Gladstone State Development Zone, where it has the potential to be converted into green iron using hydrogen generated by the Central Queensland Hydrogen Project (CQ-H2). The project also presents numerous export opportunities for both the ore concentrate and green iron, leveraging the existing rail infrastructure leading to the Gladstone Port. Quinbrook has obtained exclusive rights over land adjacent to CQ-H2 and is actively involved in discussions with Stanwell Corporation for a joint venture, focusing on hydrogen supply and the provision of renewable power to support CQ-H2 and the energy requirements of the Gladstone Green Iron project. The development phase, expected to span several years, is already in progress, with planning approvals underway. Quinbrook has garnered considerable interest from global industry players regarding the project and anticipates initiating a selection process to identify an industry partner to oversee the design, construction, and operation of the green iron components once further development work is completed and approvals are obtained.

David Scaysbrook, Co-founder, and Managing Partner of Quinbrook Infrastructure Partners said, Gladstone possesses all the essential elements required for a world-class green iron project, offering numerous compelling cost advantages. These include a potentially exceptional ore deposit situated in close proximity to existing port infrastructure, as well as well-established road, rail, and high-voltage transmission networks. Of significant importance is the direct access to central Queensland’s abundant renewable energy resources. These fundamental factors align perfectly with the requirements sought by aspiring green steel producers globally. Gladstone presents an ideal location for such ventures, epitomizing the essence of the 'Made in Australia' and critical minerals policies of the Federal and Queensland State Governments. The recent announcements in the Federal budget have instilled confidence in us and our partners to proceed with this endeavor. We extend our gratitude to the Federal and Queensland Governments for their forward-thinking policy initiatives and ongoing support for new Australian manufacturing initiatives. These efforts have garnered attention from leading global investors who are actively driving progress in the global energy transition.

"This project undeniably embodies an ambitious vision that directly aligns with the aspirations for Australia's manufacturing resurgence. While still in its nascent stages, we firmly believe that the project harbors the potential to establish a substantial new infrastructure investment and export opportunity, akin to the impact of Queensland's coal seam gas resources. Quinbrook has earned a reputation for crafting distinctive investment strategies that yield the requisite new infrastructure assets to propel the energy transition forward. With Gladstone Green Iron, we leverage our extensive experience in project development to identify distinctive industrial sites capable of accommodating new green manufacturing and processing industries. These ventures stand to benefit from globally competitive operational costs, including renewable power supplied by Quinbrook," remarked Brian Restall, Managing Director and Regional Leader of Quinbrook Infrastructure Partners.