Scientists hit jackpot, discover biggest iron ore deposit ever worth Rs 48,79,23,70,50,00,000; discovery made at...
(Representational image)
New Delhi: Scientists have discovered what is being described as the largest iron ore deposit ever recorded. The discovery has been made in Western Australia. The iron ore is estimated at 55 billion metric tons valued at approximately $5.7 trillion. The finding was published recently in Proceedings of the National Academy of Sciences (PNAS). This discovery has redefined the scale of Earth's mineral wealth and also challenges long-standing scientific views on how such deposits form. According to the report, this vast resource is located in the Hamersley region and holds immense potential to reshape global mining, trade, and economic landscapes.
According to the study, the iron deposit's formation appears intricately linked to the movements of ancient supercontinents, challenging prior theories centered on the Great Oxygenation Event alone. Going by this theory, massive iron ore deposits can form over longer geological periods and under varying conditions, vastly expanding where future exploration might focus.
One of the study's co-authors stated, 'The discovery of a link between these giant iron ore deposits and changes in supercontinent cycles improves our understanding of ancient geological processes.'
The Hamersley deposit, with an estimated value of $5.775 trillion, makes small all previously known iron ore reserves as it surpasses significant deposits such as the Kursk Magnetic Anomaly in Russia. It establishes Australia's role as the world's leading iron ore exporter which will have far-reaching effects on global steel production, supply chains, and international trade agreements, especially as demand surges in emerging economies like China and India.
The deposit's immense size and high iron content make it an exceptionally profitable resource and mining companies are expected to pour significant investments into infrastructure, including new railways and ports to easily transport the deposit of this iron ore. However, it does not come without environmental concerns, with potential impacts on local ecosystems and water resources demanding sustainable approaches.
Apart from the monetary aspect, this discovery is expected to influence geological research and exploration strategies globally and perhaps encourage further discoveries for precious minerals and metals.
To sum up, these findings contribute to a better understanding of Earth's tectonic history and mineral formation processes, which remain some of the most complex puzzles in geoscience.
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