The Economic Importance of Iron Ore in Australia
Iron ore plays a crucial role in the Australian economy, significantly contributing to both profits and government revenues. In the fiscal year 2024, major mining companies like BHP Group Ltd, Rio Tinto, and Fortescue Metals Group Ltd generated an economic profit of approximately A$36 billion from iron ore alone. This accounts for a substantial portion of the total economic profit from Citi's Australian mining coverage, which stood at around A$39 billion.
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