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ASX Iron Ore Stocks: 3 Biggest Companies in 2023

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iron ore mining process

What are the biggest iron ore companies listed on the ASX? BHP, Rio Tinto and Fortescue Metals Group are the top by market cap.

Iron — the world's most commonly used metal — is key for the steel making industry.

Iron can be alloyed with a variety of elements to produce stronger and harder products, which are useful in the construction industry and in the manufacture of motor vehicles, ships, trucks, pipelines, trains and railway tracks.

Australia has the world’s largest estimated reserves of iron ore with 52 billion tonnes, which is 30 per cent of the world’s estimated 170 billion tonnes.

Below, the Investing News Network has listed the biggest iron ore companies on the ASX by market cap so far this year. Data for the top ASX iron stocks was obtained on February 28, 2023, from TradingView's stock screener.

1. BHP

Market cap: AU$225.64 billion; current share price: AU$45.20

BHP Group (ASX:BHP), formerly known as BHP Billiton, is a multinational mining company with its headquarters in Melbourne, Australia. BHP is known for mining iron ore, copper, potash, coal and nickel. The company runs six iron ore mining projects out of Pilbara, Western Australia.

South Flank, which the company bills as Australia’s largest new iron development in over 50 years, began operating in 2021. It is projected that together with Mining Area C, the two plants will produce 145 million tonnes of ore per year.

2. Rio Tinto

Market cap: AU$168.87 million; current share price: AU$116.73

Rio Tinto (ASX:RIO) creates five products in Western Australia including Pilbara Blend, Yandicoogina and Robe Valley. Pilbara Blend products — making up over two-thirds of their iron ore portfolio — are known for consistent quality. Yandicoogina is used by many customers in East Asia and southern China; Robe Valley, with the company’s lowest iron content, is sold for more niche applications.

In partnership with NASA, Rio Tinto opened its first intelligent mine in 2022: Gudai-Darri, a AU$2.6 billion iron new project with autonomous transportation and drilling systems. With an expected life of more than 40 years and an annual capacity of 43 million tonnes, Gudai-Darri is forecast to reach capacity in 2023.

3. Fortescue Metals Group

Market cap: AU$64.03 billion; current share price: AU$21.61

Established in 2003, Fortescue Metals Group (ASX:FMG) is a mining, technology and development company. Fortescue owns five mining projects in the Pilbara region of Western Australia including the Chichester, Solomon and Western Hubs. As one of the leaders in the mining and development sector for battling against climate change, one of the company’s main goals is to have zero carbon emissions by 2030.

The company is also developing the US$3.6 billion to US$3.8 billion Iron Bridge magnetite project, which will deliver 22 million tonnes per year of high grade Iron Bridge 67 percent iron magnetite concentrate product, with first production scheduled for the March 2023 quarter.

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Securities Disclosure: I, Marlee John, hold no direct investment interest in any company mentioned in this article.

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