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Iron ore mining in Western Australia, in the financial year 2008-09, accounted for 47 percent of the total value of the state's resources, with a value of A$33.56 billion. The overall value of the mineral and petroleum industry in Western Australia was A$71.3 billion in 2008-09, a 19 percent increase compared to the previous financial year.

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Prior to the most recent mining boom there were 5 iron ore producing companies in Australia. Companies tend to enter the market when prices are good and exit in more challenging market conditions. The numbers swelled to more than 20 as new entrants looked to take advantage of record high prices. Currently the three largest iron ore …

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In the case of iron ore (Brazil’s main mineral product), prices decreased by 75 percent during this period, and nickel decreased by 60 percent. The Brazilian mining industry depends heavily on exports, so global mineral commodity prices have a greater impact on Brazilian mining companies than on Brazil’s overall macroeconomic outlook.

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Anglo-Australian mining companies BHP Billiton and Rio Tinto complete the world’s top three iron ore producers. While Australia and Brazil are the top exporters of iron ore, China is by far the largest importer. As is the case for many other commodities as well, Chinese demand significantly defines the iron ore market.

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