Major Iron Ore Producers Deplete Reserves Faster Than Replenishment

The world's six largest iron ore producers, including BHP Group and Rio Tinto Group, are depleting their sellable ore reserves at a rate that exceeds their ability to replenish them. A report released Thursday by Wood Mackenzie Ltd indicates that these companies collectively depleted 11.1 billion tons of reserves between 2016 and 2025.

The consultancy found that only three of the six companies managed to replace the volume they mined during this ten-year period. This imbalance is driven by the increasing cost and complexity of developing replacement reserves. The report notes significant disparities in efficiency, with some producers spending five times more than their peers to add new reserves to their portfolios.