Former Fortescue executives, Michael Masterman and Bart Kolodziejczyk, plan to build a $US2.1 billion green iron ore processing plant in the Pilbara region within five years. Their company, Element Zero, aims to reduce the carbon footprint of Australia's iron ore industry, which is the country's most lucrative export. The project will require significant funding, with plans for a capital raising of $US50 million to $US100 million.
Add articles to your saved list and come back to them any time.The lofty ambitions of two former Fortescue executives, who want to build a $US2.1 billion green iron ore processing plant in the Pilbara within five years, will require a gigantic infusion of money.
Element Zero, which employs about two dozen staff, has developed and patented a technology to reduce iron ore to pure iron through an electrochemical process.An alkaline solution and electric current are used to separate pure iron from silica, alumina and oxygen. Iron ore is dissolved into the solution and when electricity – from a renewable source – passes through it, the pure iron collects on a cathode.
“The entire industry has enormous commercial pressures, shareholder pressures and goodwill to find technology solutions that can reduce the carbon emissions from converting iron ore into iron,” said Masterman. “We can significantly move the dial.”“If we can move to converting the vast, exceptional natural resources we have in Australia to metals, rather than just exporting the raw ore, that’s going to have two impacts. It’s going to help significantly reduce carbon emissions and ...
Kolodziejczyk said Element Zero was also holding discussions with potential customers in Japan and South Korea for its green iron. The IRA has fuelled a manufacturing boom in the US but that rapid growth in cleantech manufacturing has come at a cost. It has driven a huge increase in electricity demand, as has the development of artificial intelligence and digital currencies, which threaten to slow the path to net-zero, as renewable energy companies struggle to keep pace.
Fortescue Executives Green Iron Ore Processing Plant Pilbara Carbon Footprint Australia Export Industry Funding
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