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Facts About Iron Ore Mining For those who don’t know it yet, iron ore is actually one of the most abundant rock elements on Earth, specifically making up five percent of the planet’s crust. The original or source material is where metallic iron is actually extracted from. And because it currently is labeled the fourth most common element in the world, there’s a good chance it won’t be running out in the future. What is Iron Ore For? It might not be visibly seen or is quite obvious, but iron ore is something that’s essential and found in so many of the things we use and depend on in our everyday lives. In fact, if iron ore was not discovered, the kind of world we live in right now could be very different. A very large percentage of ore mining is focused on producing steel, which in return covers about ninety percent of metals found and used in the entire globe. Steel is primarily used in the construction of several different infrastructures, buildings, and even transportation, including that of bridges, high-rise towers, ships, cars, and many others. Steel also is one of the most important ingredients in building tools, equipment, and machines.
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While the mining sector in general isn’t a well-loved industry especially among environmentalists, those people know for a fact that the iron ore industry is something that the world cannot exist without. Countries such as Australia and Brazil are currently enjoying a boom in their respective iron ore mining industries, in the process helping the economy grow while also creating jobs for the people. A study in Australia back in 2014 by the country’s Reserve Bank revealed that because of the iron ore mining boom, household incomes rose to thirteen percent while real wages also saw a six percent increase. The study is by far one of the most obvious proofs that when a country invests in developing a modern iron ore mining industry, the benefits that it gets from it, especially for the economy, are staggering and without a doubt very valuable. Not only that, iron ore mining companies eventually will help the economy get a huge boost, thanks to the millions of dollars they ought to pay every year for royalties and taxed. Early humans used iron ore over 3,000 years ago. So it’s not really accurate to state that it is a relatively new commodity. While small scale iron ore mining began in 1900s, the use of sophisticated and modern equipment didn’t start until sixty years later. With the demand for iron ore and steel to be precise, the entire industry of iron ore mining is expected to become a lot more competitive in the next few decades, with more countries giving a more serious contemplation on building their own industries, too.