Tempest Minerals (ASX:TEM) has entered into a Memorandum of Understanding (MOU) with Western Australian clean-tech developer Green Steel and Iron Pty Ltd, marking a major step forward in advancing the company’s high-grade Remorse Magnetite Deposit at the Yalgoo Project.
Key Agreement Highlights:
Green Steel and Iron is developing a $3 billion hot briquetted iron (HBI) processing hub adjacent to the Remorse deposit
MOU targets collaborative development, including local processing and infrastructure synergies
Green Steel’s shareholders are also progressing a green-powered Electric Arc Furnace (EAF) steel mill in Collie
- Potential for a fast-track processing solution for Remorse magnetite, with shared engineering and design pathways
This MOU positions Tempest as a future supplier of high-grade iron ore into the green steel value chain,” said MD Don Smith. “Our collaboration with a leader in local steel processing supports our low-carbon development strategy.”
Green Steel and Iron is working with Italian-based Danieli—one of the few providers of proven Direct Reduced Iron (DRI) technology—and is aiming to export HBI globally via partners like Meranti Green Steel.
The partnership will:
Explore shared engineering, financing, and infrastructure plans
Consider pelletising and direct reduction plants for local beneficiation
Accelerate Tempest’s path to commercialisation while advancing ESG-aligned outcomes
The map on page 1 visually places the Remorse deposit in direct proximity to the proposed Green Steel facility, underscoring the logistical synergy driving the MOU.
Hear from MD Don Smith about what this strategic agreement means for the future of WA magnetite and green steel in our latest investor video:
Read the full ASX announcement (PDF)
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