This article discusses the 5 Biggest Iron Ore Mining Companies in Australia, 2024. If you want to get a detailed analysis of the iron ore mining industry, you can head on to 20 Biggest Iron Ore Mining Companies in Australia, 2024.
5. Mineral Resources Limited
Market Capitalization: $8.88 billion
Mineral Resources Limited has got its hands in things like lithium to iron ore, and also energy & mining services across the Western Australia.
For the half year ended 31 December 2023, the company’s revenue surged 7% to $1.63 billion, with an underlying EBITDA reported at $438.96 million; iron ore segment of the company hit a sales volume of 8.7 million wmt for the period.
4. Fortescue Ltd
Market Capitalization: $51.27 billion
Fortescue Ltd are running the iron ore operations smoothly, with their three big mining hubs in the Pilbara region, and Iron Bridge magnetite mine. A vast 760km rail line connects these hubs, while running straight to Herb Elliott Port and Judith Street Harbour in Port Hedland.
In the Solomon Hub in the Hamersley Ranges, which is situated north of Tom Price and west of the Chichester Hub, top-notch Firetail ore is operated, making Fortescue’s cool Blend product.
Iron Bridge is now their pathway to the high-grade iron ore market, boosting their product range, enhancing their annual production, and shipping capacity. Big moves are made by them in the iron ore market.
3. ITOCHU Corporation
Market Capitalization: $62.32 billion
ITOCHU Corporation and its arm ITOCHU Minerals & Energy of Australia Pty Ltd, teaming up with BHP in Western Australia, run some serious iron ore action. Things are heating up as Itochu decided to boost its net profit forecast for the year ending in March 2024 by a cool $2.77 billion, reaching a total of $5.4 billion. This move comes after a dip in half-year net profit to $57.13 billion due to lower coal and iron ore prices. Looks like they’re playing the long game and making strategic moves to stay on top!
ITOCHU Corporation, and its subsidiary, ITOCHU Minerals & Energy of Australia Pty Ltd, got together with BHP in Western Australia, playing a serious iron ore game. With this, things look to be sky-rocketing, as ITOCHU forecasts its net profit, for the year ending in March 2024, to surge by a cool $2.77 billion, hitting $5.4 billion in total.
2. Rio Tinto Group (NYSE:RIO)
Market Capitalization: $105.88 billion
Rio Tinto Group’s iron ore ops in Pilbara are known to be top-notch, which are spread across 17 mines, 4 port terminals, and a vast rail network.
The company suffered a 12% downtick in their earning for 2023 year, which was expected; however, they still dished out surprisingly higher final dividend. Their earnings amounted to $11.8 billion for the year, which faced the dip as compared to previous year because of lower prices in their aluminum and minerals resources.
1. BHP Group Limited (NYSE:BHP)
Market Capitalization: $146.15 billion
BHP Group’s Western Australia Iron Ore (WAIO) business operates 5 mines in the Pilbara region, accompanied by 4 processing hubs and 2 port facilities in the same region; the iron ore setup at the region spans over 1,000 kilometers of rail network, with each mining hub crushing, beneficiating and blending the ore to produce the highest-quality hematite lump and fines.
The group went home with an underlying profit of $6.6 billion, for the 6 months ending 31 December 2023. Their performance was as such, because of favorable iron ore and copper prices, resulting in higher revenue, along with efficient cost control.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at the Top 15 Sugar Companies and Manufactures in the World and 20 Biggest Energy Companies in Australia for 2024.
