Iron is the major base metal composing various alloys that are used across wide range of applications. The iron ore mining market is primarily driven by increasing demand from the oil and gas industry for new pipelines and increased use of steel in the growing sectors such as automotive, heavy machinery, construction, shipbuilding and equipment sectors. The iron ore mining process involves extraction of iron- bearing ores such as hematite, magnetite, limonite, goethite and siderite from rock and minerals. Sedimentary rocks, also known as banded Iron formation, are the richest source of iron ore.
Iron ore mining process requires high capital investment and significant investment in infrastructure such as railroad in order to transport the ore from mine to a freight ship. Iron ore mining process involves identification of rocks carrying high quantity of ores, drilling blast holes in the rocks and loading of blasted ore into conveyors or trucks. The extracted ore is brought to the crusher by these conveyors or trucks in order to break the ore into smaller chunks. These chunks are further powdered finely in a grinder and further processed through magnetic cobbler to separate iron from impurities. These powdered ores are converted into pellets through the process of pelletizing and transported to plants for the extraction of iron.
The global iron ore mining market can be segmented based on mining techniques and mining methods. On the basis of mining techniques, the market is segmented into surface mining, underground mining and others. Surface mining is also known as open pit or open cast mining. The most predominantly used method of iron ore mining is open pit mining due to its relatively low cost. It is employed when the iron ore deposits are found closer to the surface. As per the mining methods, the iron ore mining market is divided into manual mining and mechanized mining. Mechanized mining is employed mostly in the large mines.
ASDReport.com has a collection of reports on iron ore mining, covering various topics and processes related to ferrous metal mining.