What’s cost Australia its lead in the global race to produce iron ore. In 2024, it will still lead the world market reach, representing 36.8% of overall production. The country is on track to churn 967.8 million tonnes (Mt) by 2025. This is up from a very optimistic expected increase of 1.4% over last year. Much of this increase will be spurred by major capital projects and the restart of operations at several major mining operations.
Australia’s iron ore supply will experience the most robust upturn. Using just the planned start of the McPhee Creek and Lamb Creek projects as a gauge, this increase will be significant. On top of that, the Koolyanobbing mine will reopen in December 2025, adding to the country’s production. In June 30, 2025 the mine was sold by MRL to Yilgarn Iron Investments Pty Ltd. This sale begins an exciting new chapter in the mine’s operational history.
Growth climbs above 4 percent in 2025 before moderating in 2026. This is partly because of the closures planned at Itochu Corp’s Yandi and MRL’s Wonmunna Iron Ore Mines. Combined, these two mines were responsible for 27.2 million tonnes of iron ore in Australia’s 2024 production. Australia’s iron ore production is still projected to increase even with the closures. By 2026, it might sandbag an estimated 993.4 million tonnes, a bump of 2.6%.
Continuing ramp-ups at a number major projects will help drive the jump in output as well. This involves progress at Onslow, Western Range and Iron Bridge (North Star Magnetite). Taken individually, these announcements demonstrate Australia’s strategic pivot towards boosting its mining production capacity to satisfy growing global demand.
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