Iron ores are minerals from which metallic iron can be extracted. The iron itself is usually found in the form of magnetite fe3o4 or hematite fe2o3, Both of which are iron oxides. However, As much of the pure magnetite and hematite ore has previously been mined, Modern iron mines rely on aggregate ores such which must, As taconite be processed to remove non, Iron, Bearing components prior to smelting. Ore composed of iron is common worldwide, But commercial mining operations are dominated by eight countries australia, Brazil, China, India, Russia, Ukraine, South africa and the united states. World production averages one billion metric tons of raw ore annually. Most iron ore is utilized within the fabrication of steel.