The legislative response to the destruction of Juukan Gorge could be a "watershed moment" for the mining industry that could affect production of Australia's most lucrative export commodity in 2021 and beyond, according to Goldman Sachs mining analyst Paul Young.

Indications the indigenous heritage scandal could limit Australia's ability to capitalise on soaring iron ore prices came as the traditional owners of Juukan Gorge, the Puutu Kunti Kurrama and Pinikura (PKKP) people, said they hoped for a "fundamental reset" of relations between the resources sector and native title custodians.