Khaberni - In a geological and economic discovery described as the «discovery of the century», researchers from the Universities of Colorado and Western Australia announced the identification of the largest known iron ore deposits ever in the Hamersley province of the Pilbara region of Western Australia.
The new reserve is estimated at about 55 billion metric tons of high-quality iron ore with a concentration rate exceeding 60% in some samples, with an estimated market value exceeding 5.6 trillion euros, or approximately 5.7–5.8 trillion U.S. dollars, based on current market prices which hover around 105 dollars per metric ton.
This discovery significantly enhances Australia's position as the world's largest producer and exporter of iron ore, currently producing about 960–1000 million tons annually, and is expected to feed the global steel industry for many decades to come, particularly with the increasing demand from China and India and global infrastructure projects.
What makes it the «discovery of the century» scientifically?
More important than the economic size is the scientific discovery that accompanied it, where researchers used uranium-lead dating techniques and osmium isotope analysis to prove that these iron formations formed only about 1.4–1.1 billion years ago, and not 2.2 billion years ago as was believed for decades.
This update in the timeline completely changes the way scientists understand the tectonic processes that shaped some of the largest iron deposits in the world, making this information crucial for understanding the evolution of geological formations and the transformation of iron concentration from 30% to more than 60% in its current form.
Dr. Liam Courtney Davis, who participated in the study, explained that this discovery could be key in improving prediction capabilities in future geological explorations, pointing out that linking these massive deposits to changes in the cycles of giant continents enhances the understanding of ancient geological processes, and provides tools for identifying locations of new deposits in the future.
