A government report showed on Monday that proceeds from iron ore exports should total A$136 billion ($104 billion), making it the country's most valuable economic export.
The mineral is expected to earn more than A$100 billion per year for the next half decade. Iron ore shipments are expected to rise from 900 million tonnes in 2020–21 to 1.1 billion tonnes by 2025–26.
China remains heavily dependent on Australian iron ore.
The report, by the Department of Industry, indicated gains from the export of copper, lithium and nickel – much prized by tech firms – are expected to offset lower contributions from coal.
Australia has managed to find new markets for its metallurgical coal following China’s crackdown on Australian imports, and which is expected to slice export values to A$23 billion from A$35 billion last year.
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