Australia discovers massive iron ore reserve worth Rs 470 trillion

Australia has discovered a massive deposit of iron ore worth approximately Rs 470,250 crore. This find is set to transform the country’s economy and reinforce its position in the global iron ore market. Researchers say the newly found ore, located in a region estimated to hold 55 billion metric tons of high-grade iron, is valued at around USD 5.7 trillion. This discovery is significant because it features ore with a 60% iron content, a major upgrade from the previous lower-grade deposits. Associate Professor Martin Danisík explained that changes in the Earth's atmosphere and oceans over time helped convert low-grade deposits into high-quality ore. He noted that the deposits are about 1.4 billion years old, much younger than earlier estimates of 2.2 billion years. The findings link the formation of this ore to Earth's geological activity, including supercontinent cycles and volcanic eruptions. The studies suggest that these events dramatically increased iron levels in the environment. As global demand for steel rises, this high-grade iron ore will be crucial for various industries, including infrastructure and energy. Australia plans to use this discovery to enhance its mining strategies and explore other regions affected by ancient geological movements for potential additional finds.