Quinbrook unveils USD-2.3bn green iron plan in Queensland

Quinbrook Infrastructure Partners will pour up to AUD 3.5 billion (USD 2.34bn/EUR 2.15bn) into the creation of an iron ore mine and green iron processing facility in Queensland, tapping the state’s ample wind and solar resources.

The private equity group announced its plans at a ceremony attended by Treasurer Jim Chalmers, according to a social media post on Monday.

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Central QLD will have a central role to play in a future made in Australia. Today’s announcement of a multi-billion dollar green iron project by Quinbrook & last week’s #Budget24 investments are a big vote of confidence in the future of our workers, industries & regions #auspol pic.twitter.com/SwbxvkiRDF

Quinbrook’s proposal is to mine magnetite ore in Gladstone and use renewable hydrogen to refine it into green iron. The project will be executed in partnership with Central Queensland Metals (CQM), which holds exploration permits for a magnetite iron ore deposit in the area.

According to various media reports, the green hydrogen for the Gladstone Green Iron project will come from a proposed complex by Stanwell Corporation. The up-to-2.24-GW project known as the Central Queensland Hydrogen Project (CQ-H2) is currently undergoing a Front End Engineering Design (FEED) study and is expected to enter into commercial operation in 2028.

The development of the green iron project is expected to take several years to complete.

(AUD 1.0 = USD 0.670/EUR 0.616)