Hancock Prospecting has started iron ore mining at its new McPhee Creek mine in Western Australia's Pilbara region. The project expands the company's production beyond its Roy Hill operation, which already produces fifty-five million metric tons per year. Australia supplies around fifty-three percent of the world's seaborne iron ore, with China as its largest buyer. The new mine adds to national export capacity worth approximately one hundred and twenty-four billion Australian dollars annually.