Yandi Mine in Western Australia, was the largest iron ore-producing mine in Australia, producing approximately 80.7 million tonnes of iron ore and an estimated 60.2 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021. The Yandi Mine is owned by BHPThe Broken Hill Proprietary Company was founded on 16 July 1885 in the mining town of Silverton, New South Wales. By 2017, BHP was the world's largest mining company, based on market capitalisation, and was Melbourne's third-largest company by revenue.https://en.wikipedia.org › wiki › BHP
Much of this is found in the State's Hamersley Province, one of the world's major iron ore provinces. It hosts many deposits ranging in type from premium high-grade hematite ores to channel iron deposits. The major iron ore producers in Western Australia include BHP Billiton, Rio Tinto and Fortescue Metals Group (FMG).
China normally takes around 70% of the seaborne trade in iron ore, or around 1 billion tonnes, but it relies on domestic production for a further 900 million tonnes.
Biggest companies in the Iron Ore Mining industry in Australia. IBIS World covers 4 companies in the Iron Ore Mining in Australia industry, including BHP Group Limited, Rio Tinto Plc - Rio Tinto Limited, Fortescue Metals Group Limited and Hancock Prospecting Pty Limited.
In general mineral rights in Australia are reserved to the Crown. Notwithstanding, in some cases the minerals may continue to be owned by the land owner. The acquisition of rights to minerals stems from separate legislative frameworks in each State.
From 1855, colonial parliaments legislated for ownership of minerals to be retained by the Crown in future grants of freehold title. Thus, the situation developed where throughout Australia, the crown in right of the State owns nearly all the minerals.
The Yandicoogina Mine is owned by Rio Tinto which is due to operate until 2040, the Kings Valley Mine is owned by Fortescue Metals Group Ltd and the Sino Iron Ore Mine is owned by CITIC Ltd which is due to operate until 2043.
Australia exported $154 billion worth of iron ore last year, most of it to China, where it is a key ingredient in making steel and driving Beijing's economic stimulus.
China is the largest buyer of Australian resources, with iron ore Australia's single biggest export earner. The mineral is a key component of steel, which is used for construction and transportation.
Australia is the largest source of feed for China's steel mills, with around 60% of China's iron ore imports originating from Australian mines.
China's Ministry of Industry and Information Technology (MIIT) first published details of a five-year plan to slash iron ore imports in January this year, but there has been little reported discussion until now about how it would achieve the ambitious targets.
Interestingly, the potential reserve life of contained iron is only 19 years (Table 1), due to preferential depletion of deposits with higher iron content. Most operating mines reported a decrease in Ore Reserves in 2018, largely due to mining depletion and changes to the mining area.
The four biggest suppliers of seaborne iron ore—Rio Tinto, BHP, Fortescue Metals and Brazil's Vale—account for about 70% of world trade and about 80% of China's imports.
China is the world's biggest consumer of iron ore with its 1 billion tonne a year steel industry absorbing about 70 per cent of global production, most of it supplied by Australia.
While Russia's economy is only slightly larger than Australia's economy, comprising just 1.7% of global GDP, the invasion of Ukraine is crimping global confidence and exacerbating concerns around inflation, given Russia is a major global resources supplier.
Iron ore is Australia's most valuable export, but a small part of Russia's economy.
There is a good reason for that. Beijing can't afford to. Australia supplies about 60 per cent of the world's iron ore, netting around $150 billion in 2020/21. The vast bulk of those shipments, almost 80 per cent, finds its way to China.
What's the plan? The goal is to tackle what Beijing says is a power imbalance between a clutch of global mining giants on the one hand and China's vast but fragmented steel industry on the other. China imports 1.1 billion tons of iron ore annually, at a cost in 2021 of about $180 billion.
“First, it would mean too big a disruption to the Chinese economy.” Iron ore imports from Australia are worth $85 billion annually, and so far, the agricultural imports hit by China's tariffs and bans are worth just $6 billion, he said. “China would not be able to make up its iron ore needs from other sources.”
Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our eighth largest foreign investor, with 2.2 per cent of the total.
The mining sector employed in 2021 about 270,000 people, about 2.0% of the total labour force. Australia's mining industry is 86% foreign owned, Although many people think BHP and Rio Tinto as Australian companies, BHP is 76% foreign owned, and Rio Tinto is 83%.
Aboriginal and Torres Strait Islander peoples' rights and interests in land are formally recognised over around 50 per cent of Australia's land mass. Connection to land is of central importance to First Nations Australians.
Western Australia and Queensland are the most resource-rich states. Of Australia's roughly 340 mines, almost half are in Western Australia.