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2021-03-29
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Australia sees record $104 billion of iron ore exports this financial year
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Full production is not expected before 2027 or 2028.</p><p>The southern blocks of the Simandou deposit are controlled by a joint venture between Rio Tinto, Chinalco and the Guinean government, while the northern area is controlled by the China-backed SMB-Winning Consortium which is closer to development having signed a $14 billion infrastructure contract, it noted.</p><p>At full production, Australia expects Guinea to supply some 200 million tonnes of iron ore per year, or around 15-20% of current Western Australian production.</p><p>Australia has largely managed to find new markets for its metallurgical coal following China’s informal restrictions on Australian imports which it sees persisting this year, and which is expected to slice export values to A$23 billion from A$35 billion last year.</p><p>The report forecast LNG export values falling to A$33 billion for the year ending June 30 from A$48 billion last financial year and thermal coal exports worth A$15 billion from A$21 billion.</p><p>Gold exports are expected to rise to $A29 billion this year from A$25 billion, and copper exports to rise to A$12 billion from A$10 billion.</p><p>($1 = 1.3096 Australian dollars)</p><p>(Reporting by Melanie Burton)</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Full production is not expected before 2027 or 2028.The southern blocks of the Simandou deposit are controlled by a joint venture between Rio Tinto, Chinalco and the Guinean government, while the northern area is controlled by the China-backed SMB-Winning Consortium which is closer to development having signed a $14 billion infrastructure contract, it noted.At full production, Australia expects Guinea to supply some 200 million tonnes of iron ore per year, or around 15-20% of current Western Australian production.Australia has largely managed to find new markets for its metallurgical coal following China’s informal restrictions on Australian imports which it sees persisting this year, and which is expected to slice export values to A$23 billion from A$35 billion last year.The report forecast LNG export values falling to A$33 billion for the year ending June 30 from A$48 billion last financial year and thermal coal exports worth A$15 billion from A$21 billion.Gold exports are expected to rise to $A29 billion this year from A$25 billion, and copper exports to rise to A$12 billion from A$10 billion.($1 = 1.3096 Australian dollars)(Reporting by Melanie Burton)","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/352268684"}
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