It is the rock that has fortified Australia’s recession-defying economy. Iron ore has helped to raise living standards in the country, supercharge pension funds, and bankroll governments. It is the key ingredient of steel, and is Australia’s most lucrative export.
Last year, the trade, mostly to China, as well as South Korea and Japan, was worth 63bn Australian dollars ($45bn; £35bn).
Over the past decade booming export volumes have soared by more than 200%. It is without doubt an economic colossus, and Australia is the world’s largest exporter of iron ore. But given that global iron ore prices have fallen sharply over the past decade, should Australia try to move away from the sector? Continue Reading →