The price of iron ore futures has dropped below US$100 ($137.60) a tonne on the Singapore Exchange as shipments from Port Hedland in Western Australia also continue to decline.
Port Hedland’s exports have dropped to six-month lows in August amid weakening iron ore prices and simmering demand from China.
KPMG has identified structural shifts between major mineral producing nations as a major risk for Australia’s resources sector.
Mineral Resources has sold its 5.4 per cent stake of Pilbara Minerals in an effort to focus on its hard-rock lithium and iron ore assets.
Mineral Resources has finalised its acquisition of a 40 per cent share of the Red Hill iron ore joint venture (RHIOJV) in Western Australia.
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Mineral exploration expenditure has increased by 33 per cent in the year to June 2021, according to data from the Australian Bureau of Statistics (ABS).
Fortescue has delivered its highest iron ore shipments in history at 182.2 million tonnes for the 2020-21 financial year, driving up earnings into record territory.
Lower steel margins and strict production controls in China are driving down iron ore prices, according to a report by CRU Insight.
The iron ore price has continued to falter in August after dropping to below $US130 ($180) per tonne last Thursday.