Abstract

Iron ore is regarded as the second most important commodity behind oil. As an essential input for the production of crude steel, iron ore feeds the world’s largest trillion-dollar-a-year metal market and is the backbone of global infrastructure. To meet the growing demand for steel products, world iron ore production has increased dramatically since 2000. As a result, traditional high-grade iron ore reserves are being significantly depleted and many new iron ore deposits of lower grade and more complicated mineralogy are being mined. This chapter first provides an overview of world iron ore production and trade, as well as reserves and resources, followed by a summary of the key mining operations in the top ten iron ore producing countries. Some key challenges currently facing the industry from declining ore grades through to increased environmental scrutiny, social issues and uncertainty around commodity prices are then discussed in detail. In order to reduce costs and its environmental footprint while improving productivity and sustainability, the iron ore industry has continuously fostered innovation and integration of new technology into its practices. Consequently, the level of technology adopted by the iron ore industry is highly advanced. Some examples of emerging technologies that have been adopted by innovative iron ore producers to gain a financial and/or safety edge on their competitors are provided.

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