Magnetite has a higher iron content than hematite ore, but often occurs in lower concentrations. That means it has to be concentrated before it can be used to produce steel. However, the ore’s magnetic properties help separate magnetite ore from rock during concentration.
Magnetite ore is currently mined in Minnesota and Michigan in the US, as well as in taconite deposits in Eastern Canada. A major mining site in Michigan is the Marquette Range. The deposit was discovered in 1844, and ore was first mined there in 1848, as per the Michigan government’s website. Among the four types of iron ore deposits found in this area are magnetite ore and hematite ore.
In Minnesota, magnetite ore is mined mainly in the Mesabi Range, one of the four ranges that make up the Iron Range of Minnesota. In Canada, Labrador is home to the majority of magnetite ore mining. In particular, mining companies focus exploration and development on the iron-rich Labrador Trough.
Magnetite ore’s most distinctive property is its magnetism. It is the most magnetic mineral in the world. Additionally, obtaining iron from hematite ore can produce a great deal of carbon emissions, and the process for magnetite ore is much less harmful.
The product from magnetite is also of higher quality than the product from hematite ore. The former has fewer impurities, making it a premium product that can be sold to steelmakers for higher prices. In this way, the elevated cost of processing magnetite ore can be balanced out.
Analyst Chris Krueger shares his thoughts on PolyMet Mining, a Canadian resource company that’s focused on developing its wholly owned, advanced-stage NorthMet copper-nickel-precious metals project in Minnesota.
Mineweb.com reports that Scandinavian Resources (ASX:SCR) announced itself as a Iron Ore player in Sweden by acquiring the Rakkuri project
Richmond Mining (ASX: RHM) which logged the first hole between historical US Steel holes BV 35 and BV 40, has reported that an intersection of 130m of semi-massive and disseminated magnetite mineralisation took place at its Buena Vista iron ore project, 150km northeast of Reno, Nevada, USA.
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