Iron ore is one of the most important minerals in the world. Recently I learned that Australia ranks as the number one country for iron ore resources ahead of Brazil and Russia. According to one estimate, Australia has 29% of the world’s economic resource of iron followed and Brazil and Russia have 18% and 14% respectively. The top destination for Australian iron ore exports is China. So if the Chinese economy is in contraction mode Australian exports would be negatively impacted.
The following map shows where the iron ore deposits lie in the country. Most of the deposits are located in Western Australia:
Click to enlarge
Data source: Geoscience Australia, Australian Government
Source: Australian Mineral Resources, Market Index
