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The Vale owned Carajas mine in the state of Para in Northern Brazil is the world s biggest iron ore mine holding 7 27 billion tonnes of proven and probable reserves as of December 2012 Carajas is an open pit mining operation targeting the Serra Norte Serra Sul and the Serra Leste iron ore deposits in the Carajás District
Iron ore is found in nature in the form of rocks mixed with other elements By means of various industrial processes incorporating cutting edge technology iron ore is processed and then sold to steel companies The iron ore produced by Vale can be found in houses cars and appliances
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Most reserves of such ore have now been depleted Iron ore is the raw material used to make pig iron which is one of the main raw materials to make steel 98 of the mined iron ore is used to make steel Indeed it has been argued that iron ore is more integral to the global economy than any other commodity except perhaps oil
Iron Ore decreased 6 USD MT or 6 52 since the beginning of 2020 according to trading on a contract for difference CFD that tracks the benchmark market for this commodity Historically Iron Ore reached an all time high of 200 in November of 2007
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