January-October imports rose by 73.9pc from a year earlier to 17.71mn.

UK-Australian iron ore mining firm BHP has signed an agreement with Chinese steelmaker China Baowu to invest up to $35mn in jointly seeking technical solutions to reduce carbon emissions in steelmaking.

Hancock's Atlas Iron subsidiary will assist in extending the life of Roy Hill and has been cash positive at recent iron ore prices, the company said.

Australia's iron ore exports rose in September from a year earlier and were 3.9pc up for January-September.

Australia's iron ore exports rose in September from a year earlier and were 3.9pc up for January-September.

Gharibpour called for cooperation with the Australian side in various areas including training, exploration, extraction, and new technologies, IRIB reported.

The project will soon start using a government loan from the Russian Federation.

Of the $620 million worth of Iran’s constructional exports in the past Iranian calendar year (ended on March 19), just $1.5 million has been to Africa.