Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
Australia’s mining industry — the main driver of the booming economy — is 83 percent foreign-owned, according to a study released by the country’s Greens party Wednesday.
The report, conducted by a private consultant commissioned by the Greens, said that in the next five years Aus$50 billion (US$53 billion) in profits from Australian mining operations would go offshore.
