ONSLOW IRON: A NEW ERA

WITH INFRASTRUCTURE SCHEDULED ey FOR COMPLETION IN THE SECOND HALF OF 2024, THE ONSLOW IRON PROJECTIS SETTO REDEFINEMINING y IN WESTERN AUSTRALIA.

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Iron ore has had a fluctuating year.

The commodity saw strengthened prices early in 2024 thanks to a boosted hunger for the steelmaking ingredient and China bolstering its economy.

Prices hovered around $US125 per tonne (t) in January and February, an improvement from a previous $US98/t slump in mid-2023.

A swift fall to a seven-month low in March and April reflected increasing concerns about a rapid build-up of Chinese iron ore inventories amid sluggish growth in steel output.

But there is still hope for Australian iron ore in 2024.

As additional greenfield supply comes online, Australian export volumes are forecast to increase by 1.6 per cent annually through to 2029.

A development set to unlock billions of iron ore tonnes is Mineral Resources' (MinRes) Onslow Iron site, one of the largest iron ore projects currently being developed in Australia.

Located 150km east of Onslow in the west Pilbara region of Western Australia, Onslow Iron is forecast to have an annual capacity of 35 million tonnes across more than 30 years.

The project is being developed by MinRes and its Red Hill Iron joint venture (RHIJV) partners China Baowu Steel Group, AMCI and POSCO. MinRes purchased its stake in the RHIJV in 2021, which has since grown to 60.3 per cent.

The RHIJV sees MinRes deliver all mining services and infrastructure for Onslow Iron.

"The original joint venture for Onslow Iron project was studied for 15 years and, at the time, the market had largely written the project off, believing the capital costs and development challenges were too great to overcome," MinRes managing director Chris Ellison told Australian Mining.

"However, MinRes is built on the love of a challenge and Onslow Iron had three major challenges, each requiring innovative thinking and technology to overcome."

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