Australian mining companies increase exploration and mining of new mines

Release time：Jun 04, 2019 From：admin

Recently, the price of iron ore has exceeded 100 US dollars per ton. Since the beginning of the year, the world iron ore price has risen by more than 44%. According to forecasts from several mining consultancies in Australia, iron ore prices are expected to exceed the $110 mark per ton in the second half of this year. UBS commodity analysts have raised their iron ore forecast prices for the second time this year, arguing that the average price this year will be around $83 per tonne. Recently, the world iron ore price has bottomed out, but it is still far below the highest record of US$190 per ton set in February 2011.

Affected by the rapid recovery of iron ore prices, Australia's major mining companies have gained a lot of money, and have begun to increase the exploration and exploitation of new mines. According to Aohua Finance Online, Australia's third-largest iron ore giant, Frost Metals Group (FMG) plans to invest about $287 million to develop a new mining area in Queens Valley, Pilbara, Western Australia. The move is to increase the grade of iron ore products to meet market demand while improving the competitiveness of enterprises.