Exploring Iron Ore - Exploration and Geology
Exploration success driven by in-depth orebody knowledge built on a strong geological foundation is pivotal to sustain the global demand for iron ore. The powerhouses of high-quality, large volume deposits in provinces such as the Pilbara and Carajás are aging and being depleted. The next generation of orebodies from these and other regions will therefore be some combination of deeper, concealed, more structurally complex, lower grade, more variable or requiring increased processing to remove gangue.
The application of new geoscientific technologies and concepts at a variety of stages and scales will need to be adopted—and antiquated ones challenged—to not only find but also maximise orebody understanding and value. For Australia, this includes an expanded look into future magnetite orebodies and new processing options to ensure they produce a profitable product. High-quality geological insight will be key to the development of all future iron ore deposits.
New technologies, including those used to create green steel, require new geological considerations, including predictable mineralogy to control for deleterious elements and improved material characterisation for handling and processing. Higher capital costs to develop these orebodies will also require better Mineral Resource to Ore Reserve conversion, highlighting the need for continuous improvement in the resource estimation space. The consideration of novel mining and processing techniques that minimise ore dilution is also part of this value chain, as it can maximise production and final product grades, thereby augmenting the use of discovered orebodies.
An exploration mindset that dynamically switches between greenfield opportunities and near-mine optimisation that leverages the use of emerging advancements in artificial intelligence, machine learning and data science will likely be the most successful. Whether using geophysical products to find a structurally-bound deposit under cover, searching for extensions to a developed orebody, considering mineralisation along infrastructure corridors, or reviewing historical data, sound exploration strategy using quality geoscience and the latest technology will usher the next wave of successes in the iron ore industry.
Steel produced from iron ore remains fundamental to both current and future society. The steelmaking process begins with the exploration and identification of a suitable orebody. From there, numerous technical, regulatory, and commercial steps must be completed to establish a viable and profitable operation, each of which is becoming increasingly complex. As a result, advanced technologies are progressively being adopted across all stages of mine development to support sustained production and meet the growing global demand for steel. All of these technological advancements throughout the value chain must also be achieved within a universe powered by renewable energy to meet the goal of real zero.
