Iron Ore Facts

Iron Ore Facts
Iron ore is rock which metallic iron can be extracted from. Iron ore is the most common element in the world and makes up close to 5% of the Earth's crust. This makes it one of the most abundant rock elements. Iron ore that contains a high quality of hematite or magnetite are known as "natural ore" and they can be entered directly into blast furnaces that produce iron. It has been argued that iron ore is the most important commodity in the global economy except for perhaps oil. Iron ore is mined in 50 countries and most especially mined in Western Australia. In fact, the quality of Australia's iron ore is considered to be some of the best in the world. Because iron ore is a part of everyday life, the modern world would look completely different without it. Iron ore has been used by mankind for over 3,000 years. In the early 1960's with the introduction of using heavy rail hauling, iron ore extraction became large scale and the demand grew from steel mills across the world.
Interesting Iron Ore Facts:
98% of the entire world's iron ore is made into steel which accounts for over 90% of all metals used in the world.
Once iron ore is made into steel, it is used to create machinery, nails, bolts, engines, ships, cars, tools, and pipes to name a few items.
The very first iron ore deposits were made in Australia and made in 1880.
Australia is the highest ranking seaborne supplier of iron ore to the overall global iron and steel markets.
According to the Reserve Bank of Australia, household income across Australia was 13% higher thanks to the iron ore mining industry.
The unemployment rate was 1.2% lower than it would have been without the mining of iron ore.
Real wages in Australia were 6% higher due to the iron ore industry
Since 2006, there have been $117 billion in taxes and royalties paid by the iron ore and minerals miners.
Once the iron ore embargo was lifted in 1960, large deposits were found in Western Australia which resulted in new iron ore ports, thousands of miles of railway lines, new towns were built, jobs were created and a general increase in the Western Australian population.
Iron ore has contributed to more than $70 billion in royalties and taxes just since 2008.
In Australia alone, iron ore earned $75 billion in exports in 2014.
The iron ore industry employees close to 60,500 Australians.
Australia is the largest iron ore exporter with some of the major markets being Korea, Japan, and China.
There was $5.2 billion paid to Washington State for iron ore royalties in 2014.
Mining iron ore is a high volume low margin business because the value of iron is predominately lower than other base metals. As a result, iron ore production is largely concentrated into the hands of a few major extractors, with Australia being the largest.
World-wide production of iron ore averages around 2 billion tons of raw ore annually.
Over the last 40 years, iron ore prices have been decided behind closed doors negotiations between a small number of miners and steelmakers.

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