$25b economic hit built into forecasts for iron ore epicentre
Brad ThompsonReporter
Australia is facing a $25 billion-a-year economic hit as iron ore export epicentre Port Hedland enters a new era of softer prices for the steel-making ingredient, according to a report backed by BHP, Fortescue Limited, Gina Rinehart’s Roy Hill and others.
The value of production linked to Port Hedland, where most of the iron ore mined in Western Australia is loaded for export, is expected to peak at $89.2 billion in 2023-24.
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