Iron ore What it is and why we need it.

Contents: 1.0 Introduction 2.0 Iron 2.1 Where we can find it and how 2.2 Characteristics 2.3 Costs 2.4 Disadvantages 3.0 Uses 4.0 Conclusion 5.0 References

1.0 Introduction Iron is mined all over the world and contributes to a major part of the worlds economy. Especially in countries such as Australia, where mining is one of the main parts of the countries economy. For Australia, mining iron ore is key in keeping a strong foot in the worlds growing and changing market and for places like China, manufacturing steel is also a large part in their economy. Here we will show what exactly Iron ore is, how we get it, how much it costs and how it is important for you to invest in it as soon as you can. 2.0 Iron Iron is a heavy metal found almost everywhere on earth and has been used since ancient times for everything from construction work to medical application. On the periodic table it is shown in its pure form as 5526Fe and has a half-life of about 2.6 Million years. It is estimated that 1/3 of the earths entire mass is iron, mostly molten underneath the earths crust meaning there is enough iron to make 3 planets with the same amount of mass as mars.
So as we can see we wont be running out of iron any time soon.

2.1 Where can we find It and how? Iron is the 4th most abundant element on earth. Iron is everywhere on Earth’s surface but is concentrated on specific points. In Australia, the highest concentrate of iron ore is in WA and is mined regularly. One way we can find iron ore is by detecting its magnetic waves. This method works by placing a magnetic system onto a plane, which then flies overhead and maps out the areas where large concentrations of iron ore can be seen. This method works however it may detect other ores as well as iron that are only discovered once we start mining. Another more reliable way of finding iron is by using gravimeters on an aircraft, which measure fluctuations in earths gravitational pull. The higher density a certain area has the more metals and minerals it has. This data can be analyzed by scientists that can estimate what kinds of elements are where. They can do this comparing the volume of the area with how much gravity it has effected. For example, if there was a very heavy, dense metal such as gold. It would only take up a very small area to create some sort of gravitational difference where something like lithium is so light it would take a massive area to produce any amount of gravitational change. With this, scientist can determine how heavy and dense the metal is that has been detected which in turn may not lead to a direct metal but a range of metals that could be there. Again, this method is not exact but it is useful in finding large quantities of metals for a large scale mine. One method of exploration that is exact is Core samples. This is where a hole is drilled into the site or rock of choice where samples are then taken out of the hole and examined for specific minerals (e.g. Iron). This method is exact but does not cover a large area of interest which is why most mining companies do either a gravitational or magnetic surveillance of the are and then examine the chosen area with Core samples. If there is a high concentration of ore in that section a mine will be built.

2.2 Characteristics Iron is a moderately heavy metal with an atomic mass of 55.847 and naturally is found as a orange-red color as it reacts with air and oxidizes but in its pure form is a metallic silver. Iron can however by mixed with other elements to form stainless steel which does not oxidize or “rust”, stainless steel is used in construction and food ware as it does not rust meaning it can last for a lot longer and provides no harm through contact. It is a solid at room temperature with its melting point being 1808.2 K (1535.1o C) and a boiling point of 3023 K (2750o C). We only mine iron in its solid form as it occurs as liquid well below Earths crust. Irons streak is a orange-red color.

2.3 Cost Month | Price | Change | Apr 2014 | 114.58 | - | May 2014 | 100.56 | -12.24 % | Jun 2014 | 92.74 | -7.78 % | Jul 2014 | 95.97 | 3.48 % | Aug 2014 | 92.63 | -3.48 % | Sep 2014 | 82.27 | -11.18 % | Oct 2014 | 80.09 | -2.65 % | Iron ore being one of the most abundant minerals on Earth conbind with being very easy to find also means it is very cheap. As of October 2014, iron ore costs ~$80.09 US Dollars. The table below shows the volatility of iron ore in the past 7 months. This is extremely cheap compared to other minerals such as aluminum selling for around 2,071 US Dollars.

2.4 Disadvantages Iron ore has its share or advantages but it also has its disadvantages. Because iron ore is so cheap, mining it posses one major problem. To make any profit, large amounts are required to be mined. Meaning large mines are needed to make a major profit. Also, most iron mines are strip mines meaning they will usually take out any amount of trees and wild life to get to the mineral, this obviously isn’t very good for the environment. Many chemicals are used during mining and most of these are quite harmful to humans and wildlife if exposed into the open air. If done correctly however, these can be avoided by choosing a specific mining areas where these would not pose a threat.

3.0 Uses Iron has been used since ancient times for everything from roofs to swords and arrow tips. Today, iron is usually smelted down into its pure form and often mixed with other elements to form stainless steel or it is refined and turned into steel. Stainless steel is quite expensive to make as it requires many other elements meaning more mining is required to craft it, this is often used in items such as kitchen ware and electronics as it doesn't rust. Steel is iron refined so that it is iron in its pure form. This is often used in construction as it is very strong and extremely cheap to manufacture usually it is painted or galvanized to stop the rusting when put in place.
Professionals estimate that on a standard oil rig used for extracting oil from the sea floor, 90% of the rig itself is made of steel. In sky scrappers, there is also a large amount of iron in the building as there are steel rods through the concrete to reinforce it, stopping it from bending. Iron is also used in weaponry in bullets, gun frames, shells and different military vehicles. It is also has many civilian applications such as cars, planes and different electronics.

4.0 Conclusion In conclusion, iron ore is a key and integral part of many different economies and civilian lives. Iron ore is so abundant and easy to obtain one mine can easy produce hundreds of tons of iron that can be then refined down and sold for a higher price. It is the single most mined ore in all of Australia and is a mineral that will not run out any time soon. I believe that mining iron ore is very important to any growing company or government trying to keep a strong foot in the worlds growing economic market. Our world is 1/3 iron as such; we should utilize it as much as we can. Without it, many of the worlds companies and countries wouldn't have the economic stand out as they do today.

5.0 References
"Iron Ore Monthly Price - US Dollars per Dry Metric Ton." Iron Ore. Accessed November 30, 2014. http://www.indexmundi.com/commodities/?commodity=iron-ore.

"Iron Element Facts." Chemicool. Accessed November 30, 2014. http://www.chemicool.com/elements/iron.html.

"Iron." Wikipedia. November 27, 2014. Accessed November 30, 2014. http://en.wikipedia.org/wiki/Iron.

"Dynamic Periodic Table." Dynamic Periodic Table. Accessed November 30, 2014. http://www.ptable.com/.

Accessed November 30, 2014. http://www.rba.gov.au/publications/smp/boxes/2014/aug/b.pdf.