Magnetite: The Future of Iron Ore

M AGNETITE THE FUTURE OF IRON ORE IRON IS ONE OF THE MOST IMPORTANT COMMODITIES IN THE WORLD. When processed into steel, it is used in almost all modern day infrastructure. If the iron industry was a country, it would have the 24 TH 26 Fe world worth $512 55.845 BILLION 2011 Iron now accounts for 95% of all metal produced per year, and the world's developing economies are 3.5 driving iron demand to all time records. billion tonnes 1.1 billion tonnes 2011 2030 WITH RAPIDLY GROWING DEMAND, AN IMPORTANT PARADIGM SHIFT IS OCCURRING IN THE IRON SECTOR: Magnetite Ore, long the leading source of domestic iron supply in North America, Europe and China, is now increasingly relevant across the globe. The perception that Magnetite Ore is an inferior substitute to Hematite Ore is now firmly changing. Magnetite is magnetic and hematite is not. This is mainly because of different These two main types of iron ores have important differences: crystal structures. Hematite Magnetite Fe,0, Fe,0 Hematite gets its name from its blood red colour, as it resembles hemoglobin. 68% Fe of 108kg kg As a result, magnetite concentrate is suitable for the production of premium quality iron and steel. Conclusion Despite the additional costs involved in concentrating As easily accessible, economic hematite deposits magnetite ore, magnetite concentrates do have significant advantages over DSO ores. become rarer, magnetite ore will continue to Fe.0 emerge as a important source of the world's iron. 3 4 Iron Road VISUAL CAPITALIST IS COMMITTED TO PROVIDING INDEPENDENTLY RESEARCHED CONTENT FOR EDUCATIONAL PURPOSES. THANKS TO IRON ROAD LIMITED FOR COVERING THE PRODUCTION COSTS OF THIS PROJECT. LEARN MORE AT WWw.IRONROADLIMITED.COM.AU limited VISUAL CAPITALIST: EDUCATING A NEW www.visualcapitalist.com @VisualCap GENERATION OF INVESTORS ON RESOURCE INVESTING AND MANAGEMENT. VISUALCAPITALIST TOP SOURCES: HTTP://WwW.DIFFERENCEBETWEEN.COM/DIFFERENCE-BETWEEN-MAGNETITE-AND-vS-HEMATITE/ HTTP://WWW.MAGNETITENETWORK.COM.AU/WHO-WE-ARE/MAGNETITE/ HTTP://WwW.PNAS.ORG/CONTENT/99/26/16556.FULL.PDF HTTP://Www.CHEMICOOL.COM/ELEMENTS/IRON.HTML HTTP://Www.WORLDSTEEL.ORG/STATISTICS/STATISTICS-ARCHIVE/2011-IRON-PRODUCTION.HTML HTTP://WwW.MINING.COM/IRON-ORE-DEMAND-WILL-DOUBLE-BY-2030-RMG/ FOR A COMPLETE LIST OF SOURCES, PLEASE VISIT: VISUALCAPITALIST.COM/SOURCES largest GDP in the IN