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Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014
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Unlocking Alternative Investment Opportunities in the Chinese Dream: Macpherson & MACRO Realty Developments - Elite Summit 2014

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For more information: emailus@marcusevans.com …

For more information: emailus@marcusevans.com

MACRO Realty Developments was a speaker at the marcus evans Elite Summit, they delivered their presentation entitled "Unlocking Alternative Investment Opportunities in the Chinese Dream"

Join the 2015 Elite Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market.

For more information: emailus@marcusevans.com

Published in: Business, Economy & Finance
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  • 1. Unlocking alternative investment opportunities in the Chinese Dream Exploring the Pilbara Iron Ore Region in Western Australia June 2014
  • 2. THE CHINESE DREAM 2 2013 global demand 2020 global demand “The Chinese Dream fundamentally is the dream of the Chinese people… to build a moderately prosperous society…” Xi Jinping, President of China (Mar-13)
  • 3. The realisation of ‘The Chinese Dream’ • 20m Chinese annually moving to urban regions • Urbanisation directly correlated to per capital steel consumption (and consequential iron ore demand) • 40% forecast increase in Chinese steel production (2015-2025) • US$6.8 trillion ‘National New-Type Urbanisation Plan’ (Mar-14) • 100 million Chinese to be integrated into urban regions by 2020 CHINA URBANISATION Intrinsic link to iron ore demand 3 Chinese Household – Steel Intensity Chinese Population – Rural vs Urban
  • 4. Iron ore – a commodity with decades of demand • China responsible for circa 50% of worldwide demand RISING IRON ORE DEMAND China leading demand 4 Global Crude Steel Production, Mt Global Demand – Iron Ore Imports
  • 5. Tomorrow’s best positioned miners • Lowest cost position Rio = US$40/tonne BHPB = US$44/tonne FMG = US$50/tonne • Eternal producers 2013 demand = 1,260Mt 2016 demand = 1,500Mt Global demand needs to halve before miners reduce export volumes • Highest Fe content globally THE PILBARA – GLOBALLY COMPETITIVE POSITION The world’s lowest production costs 5 US$ cost to produce per tonne
  • 6. THE CHINESE DREAM – GROWTH = POLLUTION Chinese government declaring war 6 • Beijing second most polluted city globally City second most worse living environment in the world (Shanghai Academy of Science, Feb-14)
  • 7. THE CHINESE DREAM – DOMESTIC IRON ORE KEY POLLUTION CONTRIBUTOR Dirty smelters with domestic low grade ore targeted 7 2013 global demand • US$1.6bn fund to control air pollution (Feb-14) Established by Chinese government “consumption of coal” to be controlled – iron ore smelters key consumer of coal • “We will resolutely declare war against pollution as we declared war against poverty” (Mr Li, Premier of China)
  • 8. THE PILBARA – AUSTRALIAN IRON ORE PRODUCERS Iron ores are differentiated by quality and cost to customer (Rio Tinto commentary) 8 2013 global demand 2020 global demand
  • 9. INVESTMENT OPTIONS IN THE PILBARA 9 2013 global demand 2020 global demand Direct share purchase in miners Corporate bonds in miners Purchase of mining related businesses Investment in Pilbara real estate - debt or equity (debt being the most tax efficient) Investment in Pilbara real estate developments (debt or equity)
  • 10. INVESTMENT OPTIONS IN THE PILBARA – DIRECT SHARES Western Australian resource companies – outperformance since 2008 10 2020 global demand Share Market Indices, 2000 = 100
  • 11. Complete service provider for investors seeking a high return • Perth based; the largest private property developers in the Pilbara • Have a build and retain model as rental yields are 8-12% unlevered • Offer direct and indirect investment with debt or equity instruments, providing fixed returns of 8-20% IRR • Fully licensed and heavily regulated in Australia, will be listed on the Australian National Stock Exchange providing a fixed 8-12% IRR by year end 2014 MACRO REALTY DEVELOPMENTS VERTICALLY INTEGRATED 11 MACRO developments and migration visas
  • 12. WESTERN AUSTRALIA’S PILBARA REGION MINERAL AND RESOURCE RICH - LARGEST PROJECTS STILL TO COME 12
  • 13. WESTERN AUSTRALIA THREE PILBARA CITIES 13 Three Pilbara Cities offer secure investment • They support many mines and lucrative resource projects in between • Are experiencing strong population growth • Have limited land supply • Are currently underdeveloped • Are enjoying significant government investment through a program called ‘Royalties for Regions’ • MACRO is developing real estate in Port Hedland and Newman where the returns have been the highest in Australia (as a 10 year average)
  • 14. FOCUSSING ON THE PILBARA AT THE MOMENT AS IT IS THE HIGHEST YIELDING AND GROWTH MARKET IN AUSTRALIA 14
  • 15. WESTERN AUSTRALIA IS NOW IN THE PHASE OF A ‘PRODUCTION BOOM’ WITH A STRONG NEED FOR MORE ACCOMODATION 15
  • 16. THE MOST RECENT COMMSEC REPORT SHOWS WESTERN AUSTRALIA HAS THE HIGHEST RATE OF POPULATION GROWTH 16
  • 17. PORT HEDLAND - LARGEST PORT IN THE WORLD BY BULK EXPORT Large demand/supply mismatch • 2013 undersupply of over 1571 dwellings • Only 611 dwellings are expected by the State Government to be built over the next 12 months 17 Largest bulk commodities export port • Exporting iron ore from twelve mines owned by miners such as BHP, Fortescue Metals Group and Atlas Iron • Seven other operating/committed mining projects located within 50km radius Strong population growth • Home to 21,000 residents, Port Hedland is forecast by economist AEC group to reach a population of 35,000 people by 2025. • Population growth is being driven by (1) committed new projects, • (2) significant government investment and • (3) a trend away from fixed mining camps to residential housing
  • 18. NEWMAN - LARGEST OPEN CUT IRON ORE MINE IN THE WORLD Large demand/supply mismatch • 2012 undersupply of over 360 dwellings • 817 new dwellings required by 2015 18 Largest Inland Pilbara town • Newman is located 6km from Mt Whaleback, the largest open cut iron ore mine in the world • Mt Whaleback is BHP Billiton’s single, largest project • Ten other operating/committed mining projects are located within 50km radius (1) • 1200 kilometres from Perth and 455 kilometres from the nearest city; a key service centre and processing hub Affluent town of 6,000 residents planned to reach 15,000 • Very high proportion of workforce employed in mining with an average income of $160,000 per annum • Median weekly income 2.3x higher than national average (2) Notes 1. BHP Billiton: Jimblebar, Wheelarra, Ore Bodies 18, 23, 24, 25 Rio Tinto: Hope Downs 4 2. ABS (2011 Census Data)
  • 19. THE PILBARA – DECADES OF ECONOMIC GROWTH BHP Billiton’s 100-years of resources 19 2013 global demand 2020 global demand
  • 20. THE PILBARA – DECADES OF ECONOMIC GROWTH Rio Tinto iron ore operations 20 2013 global demand 2020 global demand
  • 21. NEW MINES AND PROJECTS ARE STARTING EVERY MONTH TO CAPITALISE ON THE LOW COST OF PRODUCTION AND EXISTING INFRASTRUCTURE 21
  • 22. THE PILBARA PAYS THE HIGHEST WAGES – CORPORATE TENANTS 22 • There is a large migration to the Pilbara for higher paying jobs (average wage $160,000 per annum) • The mining companies and service related companies are the tenants, not the individual employees (the workers have their accommodation paid for as part of their salary package) • Better accommodation, attracts better employees and promotes staff retention • The companies have a preference for new accommodation
  • 23. BOTH THE 10 YEAR AVERAGE AUSTRALIAN RENTAL YIELDS AND CAPITAL GROWTH RATES ARE THE HIGHEST IN THE PILBARA 23 Units % Houses % Avg. 10 year capital growth rate $460 5.6% $550 4.1% 4.3% $350 4.1% $360 3.2% 7.1% $365 5.7% $380 4.4% 8.1% $350 4.1% $400 3.2% 10.1% $1,200 10.05% $2,500 14% 27.1% Sydney Victoria Brisbane Perth Pilbara Source: RP Data, Super Ratings, Australian Property Monitors June 2013
  • 24. PILBARA DEMAND FOR RENTAL PROPERTIES – MAKING NEWS 24
  • 25. Examples of current properties available for sale and lease TYPICAL ACCOMODATION IN PORT HEDLAND 25 • 90% of accommodation is substandard; dilapidated – even shipping containers are being used • Median prices above $1,000,000 (AUD) • New properties achieve more than 13% rental yield, unlevered as there is not enough supply yet huge demand • Supply of land in Port Hedland and Newman, is very restricted
  • 26. THE PLANE TRIP FROM PERTH TO THE PILBARA FOR A REGIMENTED FIFO WORKFORCE 26
  • 27. EXAMPLES OF ‘MAKE – DO’ ACCOMODATION IN THE PILBARA 27
  • 28. 28 SOCIAL IMPACT STUDIES ON THE GROWING WORK FORCE AND POPULATION IN THE PILBARA
  • 29. SOCIAL IMPACT STUDIES FINDINGS OF A GOVERNMENT REPORT 29
  • 30. 30 SOCIAL IMPACT STUDIES FINDINGS OF A GOVERNMENT REPORT
  • 31. 31 SOCIAL IMPACT STUDIES FINDINGS OF A GOVERNMENT REPORT
  • 32. SUPPORT GROUPS FOR THE PARTNERS AND FAMILIES OF FIFO WORKDERS WHO ARE CURRENTLY LEFT BEHIND 32
  • 33. 33 SOCIAL IMPACT STUDIES FINDINGS OF A GOVERNMENT REPORT
  • 34. 34 SOCIAL IMPACT STUDIES – THE GOVERNMENT’S RESPONSE 25% OF ROYALTIES TO BE REINVESTED INTO CREATING ‘PILBARA CITIES’
  • 35. GOVERNMENT INVESTMENT IN THE PILBARA - $1.2 billion COMMITTED TO REVITALISING PORT HEDLAND AND NEWMAN 35 The government’s vision: • “to build vibrant cities that offer economic sustainability from one generation to the next” • “a radical shift in the way we think of the Pilbara – not as a place of transience, but of permanent, thriving communities
  • 36. EXAMPLE OF WHAT THE GOVERNMENT IS PLANNING FOR NEWMAN HIGH DENSITY AS THERE IS LIMITED LAND SUPPLY 36
  • 37. Dominant iron ore producing region globally Committed expansion plans in Pilbara region Strong population growth forecast (2010-2015) Notes 4. Pilbara Planning & Infrastructure Framework 2012, WA Gov. (Jan-12) 5. Population Projections Australia 2006 to 2101, Australian Bureau of Statistics 6. Pilbara Population & Employment Study, PwC (Nov-12) 7. Metalytics (2012) 8. Australia’s Iron Ore Production Quality, Geoscience Australia (2009) 9. Federal Bureau of Resource and Energy Economics (Apr-13) PILBARA REAL ESTATE - STRONG FUNDAMENTALS • 2.8% pa increase Pilbara wide (4) • 2.0x the national average (1.4% pa) (5) • Lowest cost producers (break-even at $40-50/tonne) (7) • Highest quality of iron ore deposits@ Fe 62-65% (8) • $91bn in mining projects planned or committed (9) Pilbara Population Pilbara Operational Workforce, (‘000) Workforce growing a 1.5-1.6x rate of general population (2010-2015) • 4.4% pa increase in fly-in/fly-out (FIFO) workers (6) • 4.7% pa increase in residential workers (6) 37
  • 38. THERE IS NO ‘BOOM / BUST’ WITH THE PILBARA’S IRON ORE PRODUCTION AS THE LOWEST COST PRODUCERS 38
  • 39. PORT HEDLAND SHORTFALL OF ACCOMODATION 39 Council Flood Map – Port Hedland Required New Dwellings Built vs Forecast Shortfall • 50% population growth in ten years 2013 population = 20,200 2003 population = 13,100 • Shortfall of 364 dwellings by 2015 • New supply severely constrained Extensive flood plain restrictions Extensive environmental restrictions
  • 40. Forecast Supply of Land/Dwellings (27) Notes 27. Property Supply Report, Halcyon Property (Aug-13) 28. Newman Housing Development Summary, Department of Regional Development & Land (Mar-13) Forecast Short Fall in Dwellings(28) NEWMAN – SHORTFALL OF ACCOMODATION 40
  • 41. MACRO REALTY DEVELOPMENTS - PART OF THE SOLUTION FOR PROVIDING QUALITY ACCOMODATION IN THE ‘PILBARA CITIES’ 41 A new town centre is planned Providing a variety of shops, amenities, facilities and accommodation Concept plans for MACRO Realty Development’s town centre projects
  • 42. MACRO’S TOWN CENTRE AND RESIDENTIONAL SUBDIVISION PLANS MOST LAND IN PORT HEDLAND IS FLOOD PRONE 42
  • 43. McGregory St is the only residential site immediately developable PORT HEDLAND MACRO’S NEXT PROJECT 44 McGregory St – Fully Approved, 91 Land Lot Subdivision (Mar-13) Port Hedland – Flood Plain Constrained • McGregor St (640 dwellings) Mar-13 planning approved for 248 Construction can commence immediately • Spoilbank – proposed Rezoning years away Feb-14 WA Environmental Protection Authority rejected rezoning due to dust levels (from iron ore loading) • Pretty Pool – proposed Rezoning process not yet underway Artificial lake/canals required to manage flooding Site Pretty Pool: Requires rezoning, extensive dredging, land fill and environmental hurdles Spoilbank: Requires rezoning, extensive land fill and storm surge protection ; dust issues
  • 44. THE MAJORITY OF PILBARA LAND CAN NOT BE DEVELOPED – Newman example 1. 2. 3. 45 Topography (hills and flood plains) (24) Native title clearance Services (power, water, wastewater) Financing (major banks focusing on capital cities) Notes 23. Building the Pilbara, Pilbara Development Commission (Jun-13) 24. Pilbara Vernacular Handbook, Western Australian Government (Nov-11) For the following reasons, supply remains tight
  • 45. WITH THE LAND AND FURTHER INVESTMENT WE CAN MAKE THE PILBARA CITIES LIVEABLE 46
  • 46. INVESTING IN OUR DEVELOPMENTS OR PORTFOLIOS HELPS TRANSFORM THIS: 47
  • 47. IN TO THIS - LIVEABLE COMPLEXES AND CITIES WHERE WORKERS CAN MAINTAIN RELATIONSHIPS AND HAVE A GOOD QUALITY OF LIFE 48
  • 48. PLACES WHERE WORKERS SUPPORTING THIS GLOBAL URBANISATION CAN BE WITH THEIR PARTNERS AND FAMILIES AFTER WORK HOURS 49
  • 49. 50 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 50. 51 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 51. 52 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 52. 53 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 53. 54 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 54. 55 ACTUAL PHOTOS OF PROPERTIES LEASED AT 8-12% OF PURCHASE PRICE MACRO REALTY DEVELOPMENT’S BLENDED PORTFOLIOS RETURN 14% IRR
  • 55. DEVELOPMENT FUNDING OPPORTUNIITIES OF 16 TO 20% IRR ARE AVAILABLE 56
  • 56. PART PROCEEDS OF DEVELOPMENTS GO TO CHARITY 57 • Development proceeds (10%) this financial year go towards the Minderoo Foundation (Andrew Forrest’s charity) Minderoo and Andrew Forrest • Andrew Forrest (now a billionaire) founded Fortescue Metals Group in April 2003 • Andrew Forrest is the first Australian to have joined the Giving Pledge (along with Richard Branson, Bill Gates and Warren Buffet); which donates the majority of their wealth to charity • Since 2001 the Minderoo Foundation has donated $274,403,266 to charity .
  • 57. Unlocking alternative investment opportunities in the Chinese Dream Exploring the Pilbara Iron Ore Region in Western Australia June 2014

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