Soaring commodity prices in recent years have seen a number of S&P/ASX 200 Index (ASX: XJO) mining shares significantly ratchet up their dividend payments.
2021 and 2022 were particularly profitable years for most ASX mining stocks as both copper and iron ore prices surged. In June 2021, the iron ore price broke new record highs, trading above US$210 per tonne.
This year, many ASX 200 mining shares scaled back their dividend payouts alongside a retrace in commodity prices.
In May, the iron ore price dipped below US$100 per tonne. However, the industrial metal has been on a strong upwards trajectory since August, currently trading for US$133 per tonne.
And it's with that resilient iron ore price in mind that I think these three ASX 200 mining shares will deliver some bank-busting passive income in 2024.
