10% rise in Australia ore exports30 June 2015 by News Desk
Exports of iron ore from Australia will rise by 10% to 824 million tons in 2016, following a 4.3% increase this year.
And production levels are set to increase with the expansion of Australia’s largest iron ore mine, according to Australia’s Department of Industry and Science. Roy Hill, Australia’s largest single iron ore mine, will add 55 million tons of output a year when it starts to operate at full capacity. The mine, in the ore-rich Pilbara, is due to start delivering at the end of September.
Darrell Todd, ceo of thinkingaustralia, says: “When mining production increases, so does the demand for workers not only in the mines but also across a range of service sectors. This is encouraging news for potential migrants and those seeking work in Western Australia”.
Global trade in iron ore will reach 1.42bn tons in 2016. Next year, Brazil’s exports are set to jump to 412 million tons. Combined with exports from Australia, the two countries will account for 87% of worldwide seaborne trade next year, up from 83% this year.
Iron ore at 62% pure is currently $59 a ton, a rise of 16% in the past three months .