India’s ally strikes ‘black gold’ JACKPOT worth Rs…, could make the country super rich, 55 billion metric tons of THIS metal found in…

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This finding has reshaped how we understand the Earth’s mineral wealth and is challenging old scientific beliefs about how such large deposits form.

Scientists in Australia have claimed they have discovered the world’s largest iron ore deposit, often referred to as “black gold.” This massive find was made in Western Australia and could be worth billions of dollars. According to experts, it holds not just huge economic value but could also play a major role in advancing geological research. The iron ore reserve is estimated to be around 55 billion metric tons, with a total value of roughly USD 5.7 trillion. In Indian currency, that’s about Rs. 48,79,23,70,50,00,000. The discovery was recently published in the journal Proceedings of the National Academy of Sciences (PNAS).

This finding has reshaped how we understand the Earth’s mineral wealth and is challenging old scientific beliefs about how such large deposits form. According to the PNAS report, the massive iron ore is located in the Hamersley region.

The research also suggests that the formation of this iron ore is closely linked to the movement of ancient continents. It questions the earlier theory that such large deposits only formed during specific geological periods tied to rising oxygen levels on Earth. Instead, it points to a more complex and varied process behind the creation of these vast mineral reserves.

Largest known iron ore deposit in the world

The Hamersley reserve is now considered the largest known iron ore deposit in the world. This discovery further strengthens Australia’s position as a leading global exporter of iron ore. With rising demand from fast-growing economies like China and India, this find is expected to influence global steel production, supply chains, and international trade agreements.

In Australia, many of the significant iron ore deposits are found in banded iron formations (BIF), which date back to the Precambrian era. These formations exist across all continents, but Western Australia stands out as the country’s top iron ore-producing region. As of 2021–22, it had an estimated 45.2 billion tons of economically demonstrated iron ore resources, with an average iron content of 53 per cent.

Iron ore exports from Australia began in the 1960s and have since become one of the country’s most important export industries. By 2020, iron ore had reached an annual export value of USD 100 billion, making it the first commodity in Australia to hit that milestone.

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