In more good news for the industry, iron ore prices have surged past US$90 a tone for the first time in two and a half years. With Chinese import prices remaining high, the mining industry in Australia is beginning to gain some serious momentum, with more mining jobs being offered, half yearly profits increasing, and mines being opened all over the country.
Increasing 5.5% from the previous session and 14% over the past two weeks, the prices have hit a high almost three years sooner than market analysts predicted.
In response to this lift in prices and export, mining powerhouses Rio Tinto, BHP Billiton and Roy Hill mines have a lot of ore schedule to come online in the next couple of years.
Whilst this increase in price is exciting, for the market to stay in balance analysts suggest that it needed to level out to a happy medium where suppliers are able to continue supply without bringing in more capacity to the market. An ideal price is estimated to be somewhere between $US40 and $US80 a tonne.
What does a lift in iron ore prices mean for mining jobs?
To put it simply, a lift in iron ore prices means mining companies have needed to improve, refine and mature their processes to make iron ore more plentiful and accessible. As such, we are seeing an ongoing efficiency of production, export and transport infrastructure and this efficiency means working around the clock. As a result of this there are more jobs to fill shifts and increase productivity ““ which so far has meant good news for miners and mining jobs in Australia.
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