New website sets the record straight on Iron Ore
A new website established by the Minerals Council of Australia aims to set the record straight on the facts of the Australian Iron Ore industry.
The Iron Ore Facts website unveils the myths of iron ore, many that which have been driven in response to the end of the boom
Australia is the world’s most efficient and competitive producer of iron ore, a contributing factor to the Country’s past prosperity, and why Australia will continually offer a sense of wealth, promise and livelihood to its citizens.
Although the last few years have seen shadows cast over the market, much induced by media, the Iron Ore Facts website (http://www.ironorefacts.com/) sheds light on the absolute necessity of iron ore and the positivity it has on long term relationships with major markets China, Japan and Korea. Even in 2015, Australia continues to produce 30% of global iron ore production.
The Iron Ore Facts website highlights four main benefits that Australians reap by embracing the iron ore industry:
- Employment: engineers, geologists, tradespeople and administrative are just several of the many professions vital to the iron ore industry. Over 60,500 people are employed within the industry in Australia with thousands more employed in local businesses affiliated with the industry.
- Iron ore production: more than 660 million tonnes of iron ore are produced each year, which then generates about $75 billion in export revenue.
- Taxes and royalties: more than $10 billion in taxes and royalties are paid by the Iron Ore industry to Australian governments annually. Australians benefit from this as the money is then divided amongst services that provide for the wider community, such as education hospitals and infrastructure.
- Iron ore flow on effects: Many people don’t realise the full impact the iron ore industry has on our way of life and the part it plays in our standard of living. Household incomes were 13% higher than they would have been without the mining boom (according to the RBA), real wages were up by 6% and 150 000 more jobs were also generated thanks to the boom.
The Iron Ore industry has created vast employment and business opportunities, directly and indirectly, including our own. The industry will continue to bring great benefit to every Australian and its cyclical nature ensures that although commodity prices may decrease, the demand will always exist;
Iron ore will undoubtedly continue to drive Australia’s economy and ensure we are key players in global exporting for many years to come.