12 Biggest Iron Ore Producers and Mines in the World

In this piece, we will take a look at the 12 biggest iron ore producers and mines in the world.

Iron and its derivative steel are the backbones of the modern world. They are essential inputs for most industries, including construction and automotive. And even when they do not directly contribute, they are present in other areas such as machines that are responsible for manufacturing products.

The iron ore industry has enabled the modernization and industrialization of the Western world, and it continues to contribute to the growth of emerging economies such as China and India. As a whole, the sector was worth $2.6 billion by the end of last year, and it will grow at a compounded annual growth rate (CAGR) of 7% to sit at $4.6 billion by the end of 2029, estimates the research firm Data Bridge Market Research. Several drivers and opportunities will fuel the growth. These include the growth in the construction industry, which will lead to higher exploration; and the expansion of steel industries to facilitate global trade and port construction.

Another research report, this time from Mining Technology, outlines that while global iron production declined by 3% annually to sit at 2.19 billion tonnes in 2020, it will now grow steadily to reach 2.7 billion tonnes by 2025. A lucrative segment of the iron industry as a whole is the iron pellet sector. Straits Research estimates that the iron ore pellet market was worth a whopping $42 billion in 2021, and as if this weren’t enough, it will grow at a CAGR of 5% between then and 2030 to be worth $65 billion.

Today’s piece focuses on the backend of the iron ore supply chain, and it looks at the largest mining companies and their mines. The top players in the industry are Rio Tinto Group (NYSE:RIO), Vale S.A. (NYSE:VALE), and BHP Group Limited (NYSE:BHP).

Photo by Ant Rozetsky on Unsplash

Our Methodology

We sifted through the iron ore mining industry with a fine toothed comb to sort out the largest players and mines. These are then ranked according to their iron ore production by the end of 2021. We also mentioned the most notable mines these companies are working on. These mines are some of the biggest in the world.

Biggest Iron Ore Producers and Mines in the World

12. Novolipetsk Steel (MCX:NLMK.ME)

Total iron ore produced as of December 2021: 19.8 million tonnes

Novolipetsk Steel (MCX:NLMK.ME) is a Russian company that is headquartered in Lipetsk. The firm mines for iron ore and it also sells coke and steel. Its products are used in several different industries such as automotive, railroad, construction, and mining equipment.

Novolipetsk Steel (MCX:NLMK.ME) mines iron ore through its Stoilensky mine. This mine is located in Stary Oskol in Belgrad. The mine produced 19.8 million tonnes in 2020 and it had a large 18.2% share in the Russian iron ore production in 2020. Additionally, Novolipetsk Steel (MCX:NLMK.ME)’s Stoilensky mine also has six billion tons of industrial reserve and it is operates through the company’s OJSC Stoilensky GOK  division.

Vale S.A. (NYSE:VALE), Rio Tinto Group (NYSE:RIO), and BHP Group Limited (NYSE:BHP) are met by Novolipetsk Steel (MCX:NLMK.ME) in our list of the world’s largest iron ore companies.

11. Luossavaara-Kiirunavaara Aktiebolag (LKAB)

Total iron ore produced as of December 2021: 27 million tonnes

Luossavaara-Kiirunavaara Aktiebolag (LKAB) is a Swedish state owned enterprise that was set up in 1890. The firm’s iron ore is transformed into pellets and sinter fines and it sells its products all over the world, in Europe, Asia, and North Africa. The company is headquartered in Lulea, Sweden.

Luossavaara-Kiirunavaara Aktiebolag (LKAB) churned out 27 million tonnes of iron ore in 2021, and it operates two mines in Sweden. These are located in the Swedish cities of Kiruna and Malmberget, and the company is responsible for 80% of Europe’s iron ore production. Luossavaara-Kiirunavaara Aktiebolag (LKAB)’s iron fines have more than 70% in iron content.

10. Kumba Iron Ore Limited (OTCMKTS:KIROY)

Total iron ore produced as of December 2021: 30 million tonnes

Kumba Iron Ore Limited (OTCMKTS:KIROY) is a South African mining company based out of Centurion, South Africa. The firm is a subsidiary of the mining giant Anglo American. It exports iron ore to countries all over the globe, including China, Europe, and the Middle East.

Kumba Iron Ore Limited (OTCMKTS:KIROY)’s Sishen mine in South Africa is one of the largest mines in the world. It had a total output of 28.6 million tonnes in 2021, placing it on the list of the ten largest mines in the world. The company also operates the Kolomela mine in the Northern Cape province of its home country, which produced 13.2 million tonnes in 2019.

9. Companhia Siderúrgica Nacional (NYSE:SID)

Total iron ore produced as of December 2021: 32 million tonnes

Companhia Siderúrgica Nacional (NYSE:SID) is a Brazilian national icon and a diversified mining and integrated steel producer. The firm was set up in 1941, and it mines for iron ore and limestone. The company is headquartered in Sao Paulo, Brazil.

Companhia Siderúrgica Nacional (NYSE:SID) operates iron ore mines through its Casa de Pedro and Engenho mines in Brazil’s Congonhas city. Its iron ore portfolio includes lump, sinter feed, and pellet feed. The company produced 32 million tonnes of iron ore in 2021, and it plans to increase this to range between 39 million and 41 million tonnes this year. Additionally, Companhia Siderúrgica Nacional (NYSE:SID) plans to grow its iron ore capacity to 116 million tonnes by 2036

Ken Griffin’s Citadel Investment Group is Companhia Siderúrgica Nacional (NYSE:SID)’s largest investor. It owns 1.9 million shares that are worth $5.6 million.

8. NMDC Limited (NSE:NMDC.NS)

Total iron ore produced as of December 2021: 35 million tonnes

NMDC Limited (NSE:NMDC.NS) is an Indian company that mines iron ore, copper, limestone, gypsum, and other minerals. The firm produces iron pellets and sponge iron and it exports its products to Japan and South Korea. It is headquartered in Hyderabad, India.

NMDC Limited (NSE:NMDC.NS)’s iron ore mines are located in Chhattisgarh and Karnataka. These are the Baidila, Donimalai, Sumarswamy, and Ramandurg mines. The company is India’s largest iron ore producer and the tenth largest iron ore producer in the world. NMDC Limited (NSE:NMDC.NS) produces 35 million tonnes of iron ore from the Dominalai and Bailadila mines and it is aiming to grow its production to 100 million tonnes by the end of 2030. By the end of October 2022, the firm had produced 19 million tonnes of iron ore, for a 2.5 million ton annual drop.

7. Metalloinvest Management Company LLC

Total iron ore produced as of December 2021: 41 million tonnes

Metalloinvest Management Company LLC is a Russian company that mines iron ore through its Lebedinsky GOK and Mikhailovsky GOK divisions. The company is headquartered in Moscow, Russia.

Metalloinvest Management Company LLC is one of the world’s largest producers of hot bracketed iron (HBI), the largest iron ore company in Russia, and the world’s second largest producer of iron pellets. Its proven iron reserves stand at a whopping 13.9 billion tonnes, which lends them a long 137 year life. Metalloinvest Management Company LLC’s Lebedinsky mine produced 22 million tonnes of iron ore in 2021, and the firm’s total output during the same year stood at 41 million tonnes. It produced more than half of Russian pellets in 2019, and contributed to 38% of the country’s iron ore concentrate and sintering ore.

6. ArcelorMittal S.A. (NYSE:MT)

Total iron ore produced as of December 2021: 51 million tonnes

ArcelorMittal S.A. (NYSE:MT) is an integrated company that mines iron ore and produces steel products. The firm’s iron ore mines are located in South Africa, Ukraine, Mexico, Canada, Brazil, Bosnia, and Liberia. It is headquartered in Luxembourg City, Luxembourg.

ArcelorMittal S.A. (NYSE:MT) also became the second largest steel producer in the world in 2022 when it produced 88 million tonnes of steel. On top of this, the firm’s diverse global mine portfolio let it produce 58 million tonnes of iron ore in 2020. However, this dropped to 51 million tonnes in 2021. ArcelorMittal S.A. (NYSE:MT)’s Mont-Wright mine in Canada is its largest mine, and this mine alone accounted for almost half of its production last year by producing 23 million tonnes of the mineral.

ArcelorMittal S.A. (NYSE:MT) is also heavily targeting the Indian steel industry. The firm estimates that Indian crude steel production will grow at a 10% CAGR by 2030 and stand at 300 million tons per annum in 2030. It aims to target this growth by supplying steel to the automotive, construction, energy, agriculture, and appliance industries in the country. The company’s first half saw it report $8 billion in net income for 28% annual growth alongside $10 billion in operating income, which was its highest figure in a decade.

JPMorgan raised ArcelorMittal S.A. (NYSE:MT)’s share price target to EUR24.5 from EUR23.5 in November 2022 and kept a Neutral rating on the shares.

ArcelorMittal S.A. (NYSE:MT)’s largest investor in our database is Rajiv Jain’s GQG Partners which owns 11 million shares that are worth $254 million.

ArcelorMittal S.A. (NYSE:MT) joins Rio Tinto Group (NYSE:RIO), Vale S.A. (NYSE:VALE), and BHP Group Limited (NYSE:BHP) amongst some of the biggest iron ore producers and mines in the world.

5. Anglo American plc (OTCMKTS:AAUKF)

Total iron ore produced as of December 2021: 64 million tonnes

Anglo American plc (OTCMKTS:AAUKF) is a British mining company that is one of the oldest of its kind in the world as it was set up in 1917. The firm is headquartered in London, and it mines iron ore and precious minerals such as diamond and platinum.

Anglo American plc (OTCMKTS:AAUKF)’s Minas Rio mine in Brazil is its largest mine which produced 23.47 million tons of the mineral in 2021. This accounted for more than one third of the firm’s total output, which had stood at 64 million tons. This also marked a small 3% annual growth. Anglo American plc (OTCMKTS:AAUKF)’s subsidiary, Kumba Iron, operates the Sishen mine in South Africa which produced 28.6 million tons last year.

Ken Fisher’s Fisher Asset Management is Anglo American plc (OTCMKTS:AAUKF)’s largest investor through an $11.8 million stake that comes through 665,491 shares.

4. Fortescue Metals Group Limited (OTCMKTS:FSUGY)

Total iron ore produced as of December 2021: 185 million tonnes

Fortescue Metals Group Limited (OTCMKTS:FSUGY) is an Australian iron ore miner that is headquartered in East Perth. The firm has mining facilities in its home country and all over the globe and it also mines gold and copper.

Fortescue Metals Group Limited (OTCMKTS:FSUGY) produced 185 million tonnes of iron ore in 2021, and its Fortescue operations in Australia, which cover four different mines, accounted for 183 million tonnes of the output. More recently, the firm also had a bumper September quarter, when it reported that it shipped 47.5 million tonnes to mark a 2 million tonne annual growth.

3. BHP Group Limited (NYSE:BHP)

Total iron ore produced as of December 2021: 254 million tonnes

BHP Group Limited (NYSE:BHP) is one of the oldest natural resources companies in the world. The firm was set up in 1851 and it is headquartered in Melbourne, Australia.

BHP Group Limited (NYSE:BHP) operates several of the world’s largest iron ore mines. Its Area C and Yandi properties in Australia produced 148 million tonnes of the mineral in 2021. Cumulatively, the firm produced 254 million tonnes of iron in the calendar year 2021, while its fiscal year 2022 production was 282 million tonnes.

BHP Group Limited (NYSE:BHP)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 18 million shares that are worth $1 billion.

2. Vale S.A. (NYSE:VALE)

Total iron ore produced as of December 2021: 316 million tonnes

Vale S.A. (NYSE:VALE) produces and sells iron ore and iron ore pellets. The company is headquartered in Rio De Janeiro, Brazil.

Vale S.A. (NYSE:VALE)’s Sistema Norte mine in Brazil is the second largest mine in the world, and it produced 185 million tonnes in 2021. For the full year 2021, the firm produced 316 million tonnes of iron ore, which met the low end of its target range of 315 – 335 million tonnes. Vale S.A. (NYSE:VALE) also aims to produce between 320 to 335 million tonnes of iron ore this year.

Vale S.A. (NYSE:VALE)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 22 million shares that are worth $324 million.

1. Rio Tinto Group (NYSE:RIO)

Total iron ore produced as of December 2021: 322 million tonnes

Rio Tinto Group (NYSE:RIO) is a British mining company set up in 1873 and headquartered in London. The firm operates mines, mills, smelters, and power stations.

Rio Tinto Group (NYSE:RIO) operates in 35 countries all over the world and the bulk of its assets are located in Australia and North America. The firm owns the world’s largest iron ore mine in Australia, which produced 207 million tons in 2021. Overall Rio Tinto Group (NYSE:RIO) produced 322 million tonnes of iron ore in 2021, alongside 10 million tonnes of iron ore pellets. It also aims to produce between 320 and 335 million tonnes of iron ore this year.

Rio Tinto Group (NYSE:RIO)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 14.8 million shares that are worth $905 million.

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Disclosure: None. 12 Biggest Iron Ore Producers and Mines in the World is originally published on Insider Monkey.