Pilbara iron ore producers are experiencing strong demand and prices.
Pilbara iron ore producers are experiencing strong demand and prices.
Preliminary figures for 2003-04 released last October by the Department of Industry and Resources (DoIR) showed iron ore sales would be up 7 per cent to a record 202 million tonnes.
This meant a record $5.3 billion in the value of sales.
However, DoIR reported in April that: “Chinese demand drove iron ore sales to record volumes for a fifth consecutive year, increasing by 12 per cent to 217 million tonnes.
“In addition to the increased shipments, healthy prices helped push iron ore sales values to a new record high of $6.2 billion.”
Iron ore royalties to Treasury for 2003-04 were $305 million of total royalty income of $1.05 billion.
The $305 million figure jumped more than 50 per cent last financial year to an estimated $462 million from production of about 240 million tones and is predicted to be $763 million this financial year, reflecting strong output and price increases.
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