An American iron ore miner says Australia is "manipulating" its currency in a bid to save its iron ore exporters, who are so desperate for cash they are "putting even the kangaroos for sale".

In comments made on the same day the Reserve Bank of Australia cut interest rates to a historic low, Cliffs Natural Resources chief executive Lourenco Goncalves said Australia was making a "big mistake" by assuming low iron ore prices would force Chinese iron ore producers out of business, and that it would be the Australian and Brazilian producers who would be left "bleeding".

Gina Rinehart has sold her stake in Fairfax Media Credit:Bloomberg

Cliffs operates iron ore and coal mines in North America but also has the fifth biggest iron ore export business in Australia.

Its Australian iron ore business has less than five years of mine-life remaining, and the company plans to either sell the asset, or shut it when the current mine life expires.