Australia is closely watching talks between iron-ore majors and China's state-backed buyer because of the potential impact a lower ore price would have on the federal budget, the country's resources minister Madeleine King said on Tuesday. Iron ore is Australia's highest earning commodity export and taxes paid by the mining majors are crucial to federal revenue. Treasury estimates show a $10 move in the iron-ore price would impact tax receipts by A$500-billion in the 2025-26 financial year.China Minerals Resources Group (CMRG), the state iron ore buyer, is seeking to extract better terms for Chinese steel mills in ... (full story)