This is interesting... I hope they can make it feasible in the long run. There is another interesting application for this oxidation phenomenon.[1] They burn iron dust to create a C02-free furnace. Imagine replacing coal with iron in concrete plants... [1] https://newatlas.com/energy/bavarian-brewery-carbon-free-ren...
Coal energy density: 6.7 kWh/kg [2] Iron Ore energy density: 1.4 kWh/kg [1]
Total iron ore energy reserves: ~236.04 billion kWh [3] Total coal energy reserves: ~ 7,068 billion kWh [4]
So as far as energy goes we have 30x as much coal energy.
Now the rust can be renewed with energy ... but you need the energy to renew it in the first place.
[1] https://spectrum.ieee.org/energywise/energy/renewables/iron-... [2] https://en.wikipedia.org/wiki/Coal [3] https://www.nrcan.gc.ca/our-natural-resources/minerals-minin... [4] https://energyeducation.ca/encyclopedia/Coal_reserve