Production of Iron ore in Australia reached 946.66Million Tonnes in 2023
Production grew by a CAGR of 1.03% between 2020 to 2023,and is expected to grow by...
GlobalData projects the production to grow at a CAGR of...
Iron Ore Production in Australia
Australia is endowed with different types of mineral deposits, of which key mineral commodities include coal, iron ore, bauxite, gold, nickel, copper, zinc, lead, molybdenum and uranium. By holding a significant share of global iron ore reserves, Australia has the world’s largest crude ore reserves as of January 2021.
Australia was the world’s largest iron ore producer in 2020, which was down by a marginal percentage over the previous year – this was largely attributed to the operational disruption caused by tropical cyclones Blake and Damien during the first quarter of 2020. In February 2020, the landfall of tropical cyclone Damien severely impacted iron ore mining in the Pilbara mining region. In addition, the outbreak of COVID-19 further disrupted operations, although the impact was minimal compared to other countries, since the virus was effectively controlled by the Australian government.
Iron ore production
Rio Tinto, the largest iron ore producer in the country, revised its production guidance for 2020 due to the substantial damage caused by the cyclone to its rail, road and mining infrastructure. In addition, the outbreak of COVID-19 further disrupted operations, but the impact was minimal compared to other countries, since the virus was effectively controlled by the Australian government.
Demand from the steel industry
Iron ore is a key material in the manufacturing of steel, which is used across various end-use markets, including building and infrastructure, mechanical equipment, the automotive industry and others. According to GlobalData, of the total global iron ore consumption in 2020, building and infrastructure accounted for a major share, followed by automotive, mechanical equipment and metal products. Global steel output declined in 2020, which was down by a marginal share over the previous year; this was primarily due to the outbreak of COVID-19 and its impact on key steel-consuming sectors such as the construction and automotive industries.
Global Iron ore producer
Rio Tinto is an international metals and mining company headquartered in London, the UK. The company carries out the mining, exploration and processing of various mineral resources. It supplies a range of minerals and metals. The company also carries out exploration, technology and innovation business through its research centers. It has operations in Europe, Africa, Asia-Pacific, the Middle East and the Americas.
Some of the other notable Iron ore producers are:
Switzerland
China
Japan
Luxembourg
South Korea
Japan
United Kingdom
Australia
Japan
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