According to The Australian Financial Review, Australian iron ore miners are making bigger profits than during the resources boom a decade ago after they overcame labour shortages and weather disruptions to collectively raise exports just as iron ore prices are surging.
Confirmation that the biggest iron ore exporter, Rio Tinto, had made its most productive start to a year since 2018 means Australia’s top five iron ore exporters sold more into the bumper prices of the past three months than in the same period of last year.
The export boost came as the recovery of iron ore supply from Brazil was weaker than expected and as Chinese demand in the March quarter was described by Rio as being even stronger than the record levels set last year.
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