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Green, high-purity pig iron project, Saudi Arabia

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8th March 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor


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Name of the Project
Green, high-purity pig iron project.

The facility is proposed to be located in, or close to, the industrial areas adjacent to the King Fahad Industrial Port, in Jubail, Saudi Arabia.

Project Owner/s
A 50:50 joint venture between Magnum Mining & Exploration and Middle East for Metallic Industrial (Midmetal).

Project Description
An engineering study has assessed a HIsmelt-based 1.1-million-tonne-a-year pig iron production facility to capitalise on Saudi Arabia’s drive for  low-emissions steel production.

HIsmelt is a smelting reduction iron-making process that directly smelts preheated ferrous materials (iron-ore fines, C-fines and slags), and reductants (noncoking coal and biomass char) as the system’s source of reducing agents and heat.

The facility will use high-grade magnetite concentrate from Magnum’s 100%-owned Buena Vista iron project, in the US, and iron waste materials from existing iron-ore processing facilities, in Saudi Arabia, as well as other potential locations.

To meet the requirement for green, net-zero (or close to net-zero) carbon emissions from the project, it is planned that the reductant for the operation of HIsmelt will comprise biochar, sourced from waste biomass and produced mostly by the palm-oil industry, in Malaysia, and possibly augmented by additional waste biomass from other sources.

The project will need to be subjected to thorough prefeasibility and feasibility studies. Further, permitting, approvals, and engineering design will be required before construction and commissioning can proceed.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Magnum is working closely with Midmetal to establish funding for the project. The study estimates capital expenditure of $410-million in the base case and an additional $82.4-million for the biochar facility, in Malaysia.

Planned Start/End Date
Not stated

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Magnum Mining & Exploration, tel +61 8 6408 0699 or email

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor



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