As the world’s leading iron ore exporter, Australia has benefited from the more than doubling of the price of iron ore since 2004. During the same period, China’s imports of iron ore have climbed 60%. As a result, a number of Chinese steel firms are partnering with smaller Australian iron ore producers to maintain supplies. The smaller companies gain capital to fund new mining projects, while the Chinese firms’ money give them more leverage when bargaining future price increases. Some leaders within the mining industry believe that the increased supply of iron ore generated from upcoming projects may bring iron ore prices down globally, while others see a brighter future in coke and coal. Source: Financial Times