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Things to Know About Iron Ore If you don’t know it yet, iron ore is one of the most abundant elements on the planet, where five percent of the Earth’s crust is made from it. The original or source material is where metallic iron is actually extracted from. Because it is considered the fourth most common element in the world, iron ore will not run out anytime soon. The Use for Iron Ore Not a lot of people are familiar with it, but the interesting fact is iron ore is a very essential and indispensable thing that’s found in many of the stuff we use everyday. In fact, if iron ore was not discovered, the kind of world we live in right now could be very different. A very huge chunk of ore mining is used for the production of steel, which by the accounts for about ninety percent of the metals used today in the entire world. Steel in large part is used for construction of so many different things that include buildings, transportation and vehicles, bridges, roads, and others. Steel likewise is a crucial component in building tools and machineries.
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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. There are countries such as Australia and Brazil that are currently enjoying the benefits of a successful and continuously improving iron ore mining industry that is helping their nations’ economies big time. As a matter of fact, a study conducted by the Reserve Bank of Australia two years back revealed that without the iron ore mining boom in the country, household incomes would be 13 percent lower while real wages would see a 6 percent dip. 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.