Iron ore is tight and will pass $100 test in 2024, HSBC says

Dampier is used by Rio Tinto Group to export iron ore.

Imports to China, the world's largest iron ore consumer, hit a record high last year on strong demand.

"The board yesterday approved the largest mining project in the world," CEO Stausholm told the Financial Times.

The country's biggest mining investors are halting plans to spend billions of rand on new projects in response to a slump in profits.

The miner said it expects Pilbara production costs to rise in 2024 due to persistent labor and parts inflation.

Rio Tinto will buy 80% of all power generated from the Bungaban wind energy project over 25 years.

Restructuring to impact 10% of Kumba's workforce.

Vale is looking at expanding the use of industrial batteries to power ports and mining sites.

BHP's strong revenue growth of 6% was underpinned by higher iron ore and copper prices.