Rio Tinto, a global mining company, doubts the prospect of developing the "green" iron industry in Australia, according to Reuters.
The company cites a lack of economic incentives for this sector that would help decarbonize steel production.
He also added that it is expensive to do this in Australia, it is an expensive place to build.
Australia is the world's largest supplier of seaborne iron ore. However, its raw material is of too low quality to be directly processed into steel using renewable energy. Therefore, the country strives to take the position of a reliable source of "green" metals.
In particular, in February of this year, Australia launched a new Green Iron investment fund worth 1 billion Australian dollars ($636 million). It will promote the development of environmentally friendly iron production and supply chains by supporting such projects and encouraging large-scale private investment.
