Chemical Composition
Hematite
Hematite is an iron oxide with a chemical composition of Fe2O3, which is mined as the main ore of iron. Its luster can range from earthy to submetallic to metallic and its colour ranges include red to brown and black to grey to silver. Huge deposits are exploited in banded iron formations. If found in high-grade deposits, hematite can become a natural direct shipping ore, which is considerably cheaper to mine and process as it requires less beneficiation before being transported for use in steel mills due to the higher iron content.
MAGNETITE
Magnetite (Fe3O4) is an economically important iron ore. It is a black or brownish-black mineral with a metallic luster that has a magnetic nature. Magnetite occurs in a variety of igneous rocks, pegmatites, contact metamorphic rocks and hydrothermal veins. The ore’s high FeO content makes it easier to be upgraded and its magnetic properties help separate Fe content from rock during concentration.