By Babs McHugh – ABC
The spot price of iron ore continues its record climb and has hit $US145 a metric tonne.
It has increased steadily from $US115 one month ago in response to China stockpiling ore for its steel mills.
Last week the Fortescue Metals Group announced a restart of its Kings project in the West Australian Pilbara in response to the price rise.
As recently as September the price was at a three year low of $US87 a tonne.
The recovered price could mean the Federal Government will collect some revenue this quarter under the Mineral Resource Rent Tax (MRRT) which cover iron ore and coal.