Global Trends in Reserves, Production and Utilization of Iron Ore and its Sustainability with Special Emphasis to India

Abstract

Iron is the fourth most common element and the second most abundant metallic elementin the earth's crust. It is world's one of the most commonly used metal and primary raw material used in the steel industry. The largest concentration of iron ore is found primarily in banded sedimentary formations of Precambrian age. Iron ores of India have enormous demand in the international market due to their rich iron content. The increasing demand for iron ore worldwide in the last few years due to rapid industrialization, urbanization, and technological developments, has increased the consumption of iron ore resources exponentially. Because of limited iron ore reserve with enormous global demand, it is high time to adopt advanced techniques to extract iron from both the low- and medium-grade ores. Also, more thrust should be given on scientific exploration, exploitation, advanced mine planning, and mineral beneficiation techniques. Efforts should also be made to develop new approaches and dynamic models to address the socio-economic, environmental, geological, technological, legal, and geopolitical issues for sustainable iron ore mining. This paper discusses the geological setting, global trends in reserves, production, and utilization of iron ore resources with special reference to India for its optimum utilization and conservation for the sustainability of the future generations.