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Vast heaps of crushed brown rock hem the Indian Ocean at Western Australia’s Parker Point port each a stockpile of 200,000 tons of iron ore, ready to be poured into a procession of bulk carriers bound for Asia’s steel mills. Rio Tinto Group, the world’s largest iron ore producer, shipped its first cargo of…
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Rio, BHP Group Ltd. and Fortescue Metals Group Ltd. produce almost two-thirds of the world’s seaborne iron ore from Western Australia, and margins remain enviable.