Lexi Webster
Iron ore is a metallic element that constitutes 5.6% of the Earth's crust by weight and is the fourth most abundant element in the crust. In 2023, Australia was the world's largest source of iron ore, producing approximately 960 million metric tons. Western Australia is the country's premier iron ore-producing region, with major deposits found in the Pilbara region, the Hamersley Basin, and Cockatoo Island. The leading companies in Australia's iron ore industry are BHP, Rio Tinto, and Fortescue Metals Group. In 2024, geologists discovered the world's largest iron ore deposit in the Hamersley province of Western Australia, with an estimated 55 billion tons of iron ore. This discovery challenged existing theories on the formation and evolution of iron ore deposits and provided new insights into Earth's ancient geological history.
| Characteristics | Values |
|---|---|
| Location | Hamersley province of Western Australia |
| Largest iron ore deposit | 55 billion tons |
| Value | $5.9 billion |
| Iron ore exports in 2023 | 960 million metric tons |
| Leading companies | BHP, Rio Tinto, and Fortescue Metals Group |
| Iron ore mines in Australia | 63 |
| Largest mine production in 2023 | Mt Newman Joint Venture, 66.99 mtpa |
| Second largest mine production in 2023 | Jimblebar Hub, 66.8 mtpa |
| Third largest mine production in 2023 | Area C Mine, 58.47 mtpa |
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What You'll Learn
Australia's largest iron ore deposit
Australia has a large reserve of iron ore that is said to contain 29% of the world's iron ore, followed by Brazil with 19%, Russia with 15%, and China with 12%. Western Australia accounts for 96% of Australia's iron ore exports, with the majority of the iron ore mined in the state being exported. The iron ore deposits in Western Australia are predominantly found in the Pilbara region, which is considered Australia's premier iron ore province.
The Hamersley Basin in the Pilbara region is a significant source of iron ore, with its deposits accounting for almost all of Australia's iron ore exports. The region has seen a large influx of workers, leading to increased land prices and a negative impact on tourism due to limited accommodation. The Mount Whaleback deposit in the Pilbara region, discovered in 1957, is another essential source of iron ore.
The Goldsworthy mine, developed in 1965, was the first mine in the Pilbara region. It is owned by BHP, one of the largest iron ore mining companies in Australia. BHP also owns other mines in the region, including the Yandi Mine, the Mount Whaleback Mine, the Jimblebar Hub, and the Area C Mine. These mines have produced an estimated 81.484, 77.225, 61.757, and 60.587 MTPA of iron ore, respectively, in 2020.
Rio Tinto, another leading iron ore producer in Australia, operates twelve iron ore mines in Western Australia, including the Yandicoogina Mine and the Hope Downs mine. The Yandicoogina Mine produced an estimated 58.789 MTPA of iron ore in 2020 and is expected to operate until 2039. The company has also expanded its Brockman 4 mine and developed its Western Turner Syncline project to increase production in the Pilbara region.
Fortescue Metals Group is another significant player in the iron ore industry in Western Australia, with its Chichester Hub and Solomon Hub located in the Pilbara region. The company has a market cap of over AU$50 billion and annual revenues of AU$13.9 billion in 2019.
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Iron ore mining in Western Australia
The bulk of iron ore production in Western Australia comes from the Pilbara region of the state, where large deposits of iron ore were discovered in the 1950s. The region's first mine, the Goldsworthy mine, was developed in 1965 by Mount Goldsworthy Mining Associates, a joint venture between the British-owned Consolidated Goldfields (Aust) Pty Ltd, Cyprus Mines Corporation of Los Angeles, and Utah Construction & Mining Company of San Francisco. A private railway line, the Goldsworthy railway, as well as port facilities at Finucane Island, Port Hedland, were also constructed. On 1 June 1966, the first shipment of iron ore from the Pilbara left on board Harvey S. Mudd. Other mines in the region connect to ports using state government-owned railways.
Other iron ore mines are located in the Mid West and Kimberley regions as well as in the Wheatbelt. The major iron ore producers in Western Australia include BHP Billiton, Rio Tinto, Fortescue Metals Group (FMG), and Roy Hill. BHP is the biggest producer, with seven mines in the Pilbara region, followed by Rio Tinto, with twelve mines, and FMG, with two mines.
In June 2010, the Australian Competition Tribunal ruled that FMG would be granted access to Rio Tinto's Robe River line and BHP Billiton's Goldsworthy line but not to the busier lines of Hamersley and Mount Newman. Treasurer Wayne Swan suggested that several advantages would accrue from access to the rail lines by third parties, including increased competition and reduced environmental damage.
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Leading companies in Australia's iron industry
Australia holds 30% of the world's estimated iron ore and is the second-largest producer and exporter of iron globally. Western Australia is the country's primary iron ore-producing region, accounting for 769 million tonnes in 2016 alone. The country's iron ore industry is dominated by several leading companies, including:
BHP
BHP Group, headquartered in Melbourne, is a diversified natural resources company with a strong presence in the iron ore sector. The company has a vast global reach, with operations in 90 locations across six continents, and is highly active in Australia and Canada. BHP has a market capitalization of over 200 billion Australian dollars, ranking it as the top iron ore mining company on the Australian Securities Exchange as of December 2024. The company has a long history in the industry, dating back to the development of iron ore deposits on Cockatoo Island in the 1930s.
Rio Tinto
Rio Tinto, based in Melbourne, is another leading diversified mining company in Australia. The company has iron ore operations in Western Australia and is the world's largest supplier of global seaborne iron ore. Rio Tinto has been at the forefront of the industry, with programs aimed at increasing the number of Aboriginal employees in their operations.
Hancock Prospecting Pty Ltd. (HPPL)
Hancock Prospecting, founded by Lang Hancock, has a long association with Western Australia's Pilbara region. The company has a rich history in the iron ore industry, with Hancock himself discovering iron ore in 1952 and pioneering exploration using aircraft. HPPL owns a majority stake in Australia's single largest iron ore mine, Roy Hill, which produced 55 million tonnes of ore in 2019.
Fortescue Metals Group (FMG)
FMG is a prominent iron ore mining company in Australia, known for its initiatives to increase competition and reduce environmental damage in the industry. The company has access to rail networks, including Rio Tinto's Robe River line and BHP's Goldsworthy line, enabling efficient transportation of iron ore. FMG also drives a national program to create 50,000 jobs for Indigenous workers in Australia, reflecting its commitment to social responsibility.
Atlas Iron
Atlas Iron, a Perth-based company, specializes in iron ore exploration, acquisition, and development in Western Australia's Northern Pilbara region. The company was acquired by Hancock Prospecting in 2018 for $418 million, contributing significantly to the parent company's profits. Atlas Iron generated an annual revenue of $703 million in 2019, showcasing its financial strength within the industry.
These companies play a pivotal role in Australia's iron ore industry, contributing significantly to the country's economic growth and global standing as a leading iron ore producer and exporter.
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How iron ore is extracted
Iron ore is a metallic element that constitutes about 5.6% of the Earth's crust. It is one of the most important materials for the economy and is used extensively in the manufacturing and construction industries, especially in China, which is the world's largest consumer of iron ore. Western Australia is the largest iron ore producer in the world, with 796 million tonnes of production in 2016.
Australia's premier iron ore province is the Hamersley Basin in the Pilbara region of Western Australia. The Pilbara region has been a major source of iron ore since the 1960s, when the Australian government lifted the embargo on iron ore exports. The country's iron ore reserves comprise both hematite and magnetite, with the former being dominant and accounting for approximately 96% of Australia's iron ore exports. Hematite is a non-magnetic iron oxide mineral with colour variations ranging from steel silver to reddish brown. Pure hematite contains about 69.9% Fe by molecular weight. On the other hand, magnetite is a magnetic iron oxide mineral that is generally black in colour. It has a higher molecular weight of Fe at 72.4% but lower ore grade due to impurities.
The extraction of iron from iron ore is a lengthy process that starts with concentration through calcination roasting. This process removes water and other volatile impurities, such as sulphur and carbonates. The concentrated ore is then mixed with limestone (CaCO3) and coke, creating a substance known as charge. The charge is then fed into a blast furnace from the top, where it is chemically reduced to its liquid metal state. The blast furnace is a large, steel stack lined with refractory bricks, and it is here that the extraction of iron occurs.
Within the blast furnace, the charge is heated to extremely high temperatures, and various chemical reactions take place. The limestone decomposes to CaO, which removes silicate impurities in the form of slag. The heat also causes the coke to react with the iron ore, reducing the iron(III) oxide to iron and leaving behind carbon monoxide gas. The iron produced in the blast furnace is then used to create steel alloy products through the basic oxygen steelmaking process.
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The history of iron ore exports in Australia
Iron ore exports in Australia began in the late 1890s, with iron ore first being mined at Iron Knob, in South Australia, by the Broken Hill Proprietary Company (BHP). However, the industry only truly took off in 1960 when the Australian government lifted the embargo on iron ore exports that had been in place since 1938. This was due to large deposits of iron ore being discovered in the Pilbara region of Western Australia, and the increasing demand for raw materials from Japan. In 1960, Australia shipped 500 tons of iron ore overseas; in 2013, this figure had risen to 300 million tons.
The first mine in the Pilbara region, the Goldsworthy mine, was developed in 1965 by Mount Goldsworthy Mining Associates, a joint venture between the British-owned Consolidated Goldfields, the Cyprus Mines Corporation of Los Angeles, and the Utah Construction and Mining Company of San Francisco. The first shipment of iron ore from the Pilbara took place on 1 June 1966, on board the iron ore carrier Harvey S. Mudd.
By the mid-1970s, Australia's iron ore production had reached 100 million tons, with the majority coming from Western Australia. Production declined slightly in the 1980s but picked up again in the 1990s, reaching 150 million tons by 1997 and 200 million tons by 2003. In 2010, iron ore recently became the first Australian commodity to exceed A$100 billion in export value.
Today, Western Australia remains the largest supplier to the global seaborne iron ore trade, with approximately 96% of Australia's iron ore exports being high-grade hematite, mined from deposits in the Hamersley province of Western Australia. China is the main importer of Australian iron ore, accounting for around 80% of exports by volume, followed by Japan, South Korea, and Taiwan.
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Frequently asked questions
Iron ore is found in several parts of Australia, with the majority of iron ore production coming from the Pilbara region in Western Australia. Other sites include Cockatoo Island, Koolan Island, Wundowie, and Koolyanobbing. In 2023, GlobalData reported 63 operational iron ore mines in Australia.
The primary types of iron ore found in Australia are hematite and magnetite. Hematite has been the dominant type of iron ore mined in the country since the early 1960s, comprising approximately 96% of Australia's iron ore exports. Magnetite deposits are also found in large quantities across Australia.
Australia is the world's largest producer and exporter of iron ore. In 2023, the country produced approximately 960 million metric tons of iron ore. Western Australia, specifically the region of Pilbara, is the largest contributor to this production, making up the majority of the country's iron ore output.
