Iron ore is a big deal in Australia. : This article has been reviewed according to Science X's editorial process and policies. Editors have highlighted the following attributes while ensuring the content's credibility: We are the world's largest iron ore exporter. Iron ore brings in $133 billion annually (2021–2022) and provides 43,000 Australians mining jobs. Iron ore is rock rich in iron oxides (Fe2O3) and includes minerals such as hematite and magnetite. Most of the world's iron ore is found in rocks called banded iron formations or BIFs. BIFs occur on all continents, and in all states of Australia.