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Magnetite banded iron deposits

Banded iron formations (BIF) are fine grained metamorphosed sedimentary rocks composed predominantly of magnetite and silica (as quartz). Banded Iron formations are locally known as taconite within North America.

Mining of BIF formations involves coarse crushing and screening, followed by rough crushing and fine grinding to comminute the ore to the point where the crystallized magnetite and quartz are fine enough that the quartz is left behind when the resultant powder is passed under a magnetic separator.

The mining involves moving tremendous amounts of ore and waste. The waste comes in two forms, bedrock in the mine  that isn't ore, and unwanted minerals which are an intrinsic part of the ore rock itself (gangue). The mullock is mined and piled in waste dumps, and the gangue is separated during the beneficiation process and is removed as tailings. Taconite tailings are mostly the mineral quartz, which is chemically inert. This material is stored in large, regulated water settling ponds.

The key economic parameters for magnetite ore being economic are the crystalline of the magnetite, the grade of the iron within the BIF host rock, and the contaminant elements which exist within the magnetite concentrate. The size and strip ratio of most magnetite resources is irrelevant as BIF formations can be hundreds of meters thick, with hundreds of kilometers of strike, and can easily come to more than 2,500 million tones of contained ore.

The typical grade of iron at which a magnetite-bearing banded iron formation becomes economic is roughly 25% Fe, which can generally yield a 33% to 40% recovery of magnetite by weight, to produce a concentrate grading in excess of 64% Fe by weight. The typical magnetite iron ore concentrate has less than 0.1% phosphorus, 3-7% silica and less than 3% aluminum.

The grain size of the magnetite and its degree of commingling with the silica groundmass determine the grind size to which the rock must be comminuted to enable efficient magnetic separation to provide a high purity magnetite concentrate. This determines the energy inputs required to run a milling operation. Generally most magnetite BIF deposits must be ground to between 32 and 45 micrometers in order to provide a low-silica magnetite concentrate. Magnetite concentrate grades are generally in excess of 63% Fe by weight and usually are low phosphorus, low aluminum, low titanium and low silica and demand a premium price.

Currently magnetite iron ore is mined in Minnesota and Michigan in the U.S., and Eastern Canada mine taconite. Magnetite bearing BIF is currently mined extensively in Brazil, which exports significant quantities to Asia, and there is a nascent and large magnetite iron ore industry in Australia.
Magma tic magnetite ore deposits

Occasionally granite and ultrapotassic igneous rocks segregate magnetite crystals and form masses of magnetite suitable for economic concentration. A few iron ore deposits, notably in Chile, are formed from volcanic flows containing significant accumulations of magnetite phenocrysts. Chilean magnetite iron ore deposits within the Atacama Desert have also formed alluvial accumulations of magnetite in streams leading from these volcanic formations.

Some magnetite skarn and hydrothermal deposits have been worked in the past as high-grade iron ore deposits requiring little beneficiation. There are several granite-associated deposits of this nature in Malaysia and Indonesia.

Other sources of magnetite iron ore include metamorphic accumulations of massive magnetite ore such as at Savage River, Tasmania, formed by shearing of ophiolite ultramafics.

Another, minor, source of iron ores are magmatic accumulations in ultramafic to mafic layered intrusions which contain a typically titanium-bearing magnetite crystal rock often with vanadium. These ores form a niche market, with specialty smelters used to recover the iron, titanium and vanadium. These ores are beneficiated essentially similar to banded iron formation ores, but usually are more easily upgraded via crushing and screening.