What you need to know about mining iron ore
Did you know that in Australia alone, there are more than 800 million metric tons of iron ore being produced every year? It is true! Australia is one of the leading producers of iron ore, only second to China. And that is just one fact about iron ore that you did not know about. There are probably a few things that you do not know about iron ore mining. And if you would like to know more about some essential facts about iron ore, the mining, refining, and production process, then you have come to the right place. This article will tell you some of the basic facts that you have got to be aware of when it comes to mining this useful metal.
Steel is made from iron ore
An overwhelming amount of iron ore is refined into steel. If you take a look at the statistics, around 98 to 99 percent of all iron ore being produced in the world is turned into steel. This is because steel is such a useful material for construction and production of goods. Your car, home and other kinds of things all need steel to be made. Iron is also refined into steel because it will be made stronger through that refinement process.
Iron ore mining directly contributes to the economy
The iron ore mining industry in Australia accounts for a lot of the economic growth that is happening. For example, a research study done by the Reserve Bank of Australia has found that households in Australia have benefited from the iron ore industry. Households in Australia on average earn or have about 13% more wealth thanks to the economic stimulus brought about the iron ore mining industry. And that is just one study that has been done. Another study has pointed out that the iron ore industry has paid more than 100 billion dollars for taxes, in just the last ten years. It is undeniable that mining iron ore is a huge part of the Australia economy.
Tens of thousands of Australians work mining iron
About more than sixty-five thousand Australians work in the mining industry. Specifically, those sixty-five thousand people work within the iron ore mining field. So without the iron ore industry, the unemployment rate would be much higher than it currently is.
Iron is made from many things
If you think about iron, you would probably think of machinery and equipment. But there is a lot more that can be made out of refining iron ore. Nails, bolts, vehicles, and many other modern technologies would not be possible without the use of iron ore. So you could say that modern society is built on a foundation that is made out of iron.
Most iron ore is exported
Australia exports tons of its iron ore. This raw iron ore is shipped to countries such as China, Korea, and Japan, where they are used in the production of goods. Australia is one of the biggest exporters of Iron ore around the world. And there are more than fifty countries that contribute metric tons of iron ore into the global market.