Hematite is the world’s most important ore of iron. Although magnetite contains a higher percentage of iron and is easier to process, hematite is the leading ore because it is more abundant and present in deposits in many parts of the world.

Hematite is mined in some of the largest mines in the world. These mines require investments of billions of dollars, and some will remove over 100 million tons of ore per year. These open-pit mines can be hundreds to thousands of feet deep and several miles across by the time they have been worked to completion.

China, Australia, Brazil, India, Russia, Ukraine, South Africa, and the United States are the world’s leading producers of iron ore (includes hematite, magnetite, and other ores). Iron ore production in the United States occurs in Michigan and Minnesota.