Industry insiders estimate the price at $3,300 per tonne by 2027, growing to $4,000 by 2031.

The deal stipulates the construction of the port within about three years.

The company’s Asia-Pacific exploration team is searching for deposits along a vast mineral belt that stretches from Pakistan to Papua New Guinea.

Iron ore futures rose on Tuesday, with the Singapore benchmark price hitting its highest in five months.

The joint venture of JX Nippon Mining and Brazil's AMG Brasil will start producing tantalum concentrate from ore in January.

Commodity research firm says production growth, weaker demand and negative sentiment in the industry will see iron ore, copper and industrial metals sink next year.

Steel production accounts for about 7% to 9% of global CO2 emissions.

The measure, which led to a dispute at the World Trade Organization, also helped boost the value of Indonesia's exports.