Name: Global iron ore cost summary
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Author: Wood Mackenzie

Country Report 22 December 2020

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Average seaborne cash costs in 2020 fell to US$29/tonne, compared to US$31/tonne in 2019 and global C1 operating costs were 9% lower than last year. The lower costs were a direct result of plummeting fuel prices in the first half of the year and lower exchange rates which were enough to offset additional costs associated with operating in a COVID-19 environment. We don't expect costs to rise much going forward as productivity and efficiency gains from automation continue to keep costs low.</div>
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        Rio Tinto
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        BHP Billiton
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         <li class="list__item push-quarter--bottom">2020 Global total cash cost curve (US$/tonne) FOB / ex mine</li><li class="list__item push-quarter--bottom">Average total cash cost 2009-2030 (US$/tonne, nominal to 2020 and real thereafter)</li><li class="list__item push-quarter--bottom">Capital Expenditure by project category (nominal to 2020 and real thereafter)</li>
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<p class="font-regular" >Global iron ore cost summary</p>
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<p class="gamma store_landing__body off-black font-regular push-half--bottom">Iron ore margins remain strong in 2025. Avg cost: US$59.8/t. Capex rises to US$17.2B, driven by quality upgrades and emissions goals.</p>

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