This country hits mega JACKPOT worth Rs 513641901000000, finds new deposit of…, the country is…
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This country hits mega JACKPOT worth Rs 513641901000000, finds new deposit of…, the country is…
This country hits mega JACKPOT worth Rs 513641901000000, finds new deposit of…, the country is…
This colossal quantity and price label has had a considerable effect on the global stage.
(Representational image/AI generated)
New Delhi: It seems like discovery of valuable natural minerals and metals is on a roll lately. There is news about the discovery of an abundance of high-quality iron ore and a 55 billion metric ton reserve in Western Australia. This finding has pushed the region into the top spot of the world's leading iron ore supplier. What remains to be seen is the effects this might have on the country's export markets as well as global iron ore prices.
How much is Iron Ore worth?
The newly discovered iron ore in the Hamersley region is estimated to be worth US $6 trillion. This colossal quantity and price label has had a considerable effect on the global stage. As is expected, experts say that there could a huge flow of money in the form of investment from major steel-producing nations who would want to get a share in this vital resource. If it happens, and seems certain and plausible, it is good news for Western Australia as the foreign funds will help in major infrastructure expansion. These include new mining operations, transport systems and upgraded port facilities. The state's ore are more than 60% iron content, making it ideal for industrial use.
How will it benefit China?
China is the largest steel producer in the world and currently imports more than 65% of its iron ore from Australia. It is believed that the discovery of this new reserve could stabilize long-term iron ore prices and reduce China's reliance on smaller suppliers. It's worth recalling that tensions flared a few years ago when China froze economic talks with Australia as the country was cementing its relations with the Western world, particularly the USA. But straining relations with Australia would have harmed only China's interests as it couldn't afford to lose access to Australian ore. Since then, relations have since stabilized.
This discovery could bring down iron ore prices
Now that 55 billion metric ton reserve has been found and along with ongoing investments, with more predicted, forecasters now envisage a shift in global supply chains. Countries that are obtaining the raw material are very likely to shift their attention to the Australian markets, moving away from Brazil or African sources. As the exports from Western Australia will go up, the supply will cause a drop in the global iron ore prices. Not only will it bolster Australia's role as a global leader but also benefit sectors like construction and automobiles.
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