Iron Ore: Important To Australia's Economy

Iron is the fourth common element. It can be found in Earth's crust and core. There is an abundant amount of iron that can be found in the stars.

The world price of Australia 's mining exports has more than tripled over the previous decade, while investment spending by the mining segment expanded from 2% of GDP to 8%. This mining speaks to one of the biggest shocks to hit the Australian economy in generation. This paper endeavours to evaluate some of Australian economics’ effects to the mining industry, utilizing top-down analysis of the Australian economy. It will demonstrate the mining has significantly expanded Australian living standards.

Every year there is 1.3 billion tons of steel produced around the world. Steel is made in different sizes and categorized by how good the steel is, these is called grades and standards. Steel today is used in many things you wouldn’t even think of such as the armored vests policemen wear or jewelry. Stainless steel was invented in 1913 by Harry Brearley when he put 12.8% chromium and .24% carbon when the standard for steel was .12 - 2% carbon and 16 - 26% chromium. Stainless steel is used in almost all new home appliances and in Great Britain it was used for cars. Some buildings made with steel are the Chrysler building, the Empire State Building, and the Sears Tower. Another building made with tons of steel is the Burj Khalifa. It used 55,000 tons of steel to be made and at 2,717 feet it is the tallest building in the

Steel is an alloy of iron mixed with primarily carbon and a small amount of other tiny elements. It dates back to have been created almost 4000 years ago

Australia can sell most of what they mine for huge profits as they are nonrenewable resources and can be used for many different things including jewellry or petrol. Also hundreds of people in Australia are involved in the mining business so that raises the Australian economy.

Since 2005, the demand for nickel diminished mainly due to the fall in the demand of stainless steel. This caused a great loss of jobs and revenue within the mining sector for Australia. As such BHP billiton, a

Australia mostly imports products such as vehicles, machinery, oil, electrical components, pharmaceuticals, medical apparatus, gems and precious stones, plastics and furniture respectively because these products are cheaper to import than to produce domestically due to the high labour costs. Australia’s top 10 imports account for 64.7% of the nation’s total imports. Australia mainly exports crude oil and minerals in raw form because they do not have refineries and smelting plants mainly due to environmental issues. As a result, these go out in raw form and are imported as finish products. This is because natural resources are in great abundance in Australia. Products such as gold, coal and steel are exported to different countries so that they can use them in the manufacturing of certain products, which are then imported to Australia as finished products. Australia’s top 10 exports account for 77.7% of the nation’s total

Gold has been rumoured that it was found in Australian as early as 1814, however, the first gold fields did not appear until thirty years later. Gold was found in Australia many decades before the Goldrush. The first discovery of gold was actually in New South Wales, in May 1851 by Edward Hargreaves. In fact, this was a tentative start to the Goldrush. Gold was commonly found only in New South Wales and Victoria in the days.

With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.

Australia’s top exports are iron ore, coal, gold, natural gas, beef, aluminum ores, wheat, meat, wool, and alumina, and from these exports, Australia earned $224.5 billion in total in 2017 (“Australia-Oceania :: Australia”). Moreover, the countries that exports went to were China 30.5%, Japan 12.4%, US 6.5%, South Korea 6.1% (“Australia-Oceania :: Australia”).

Australia has several ties with other countries. These ties are established in several ways, one of which is through trade. The nature of trade includes exporting and importing goods and services which form trade links with partner countries. Trade comes with its advantages and disadvantages. Australia also takes part in multilateral agreements, such as APEC, to be able to strengthen trade links.

Iron occurs naturally throughout the universe in abundance. It is found in places such as stars, including the sun, and is distinguishable in soil and dissolved in groundwater and the ocean in small

When people first began mining ores and reducing iron from its natural state, they reversed a fundamental process of nature. This process is the breakdown and blending of all unnatural materials into a neutral state. Iron is not natural or stable in its refined state and, as occurs with many materials, it tends to return to its natural state. The primary destructive forces that try to return steel, iron, and other materials to their natural states are known collectively as corrosion.

As mentioned above, Australian production in iron ore expected to be strong and Indian iron ore exports expected to take off in the next few years. I expect worldwide iron ore vessel shipments to

To begin with, let us understand what cast iron is. Cast iron is the result of melted pig iron mixed with carbon and silicon alloys. Technically, once the mixture solidifies, you’ll end up with 95% iron, give or take. These results in a material that are both versatile