Firms Battle For Australian Iron Ore Deposits

With iron ore prices expected to continue rising (BMI's commodities team have forecast prices hitting $76/t in Q409), miners ranging from cash-rich multinationals to small-sized outfits and everything in between, are busy jostling for position in Australia's Pilbara iron ore belt. The projected jump in prices is largely attributable to China's steel mills boosting production. In turn, this has stoked an appetite for the commodity, which helped drive up exports of iron ore to China by 30% in the month of September.

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