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IRON ORE - A CRITICAL MINERAL
In November 2023, the Government of Newfoundland and Labrador released the province's Critical Minerals Plan.
In addition to typical critical minerals such as nickel, copper and cobalt, high-grade low impurity iron ore has been identified as critical due to its advantaged position in reducing greenhouse gas emissions in steel manufacturing and the potential for further value-added activity as a green steel input.
"The Critical Minerals Plan will help unlock the full potential and maximize the value of Newfoundland and Labrador's critical mineral resources. It will support the province as a globally competitive jurisdiction throughout all stages of critical mineral development from geoscience to manufacturing, and be inclusive, environmentally and socially responsible, innovative and collaborative." Industry, Energy and Technology, Government of Newfoundland and Labrador, November
1, 2023
In June 2024 the Government of Canada announced an expansion of Canada's critical minerals list, adding high-purity iron, and two other minerals to the previously established 31 minerals. This update brings the total to 34 materials deemed essential for the country's economic future and energy transition. The newly included minerals play crucial roles in various high-demand technologies and industries. High-purity iron is a key component in the production of green steel, contributing significantly to decarbonisation efforts.
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