JACKPOT in this country, a friend of India, massive treasure worth Rs 65141253000 found in…, it is of…

The research finding was achieved through sophisticated geological techniques, such as uranium and lead isotope dating, indicated that the iron-rich formations are found in the area are 1.4 billion years old.

Australia hits jackpot: In a major jackpot for Australia, top geologists have identified the largest iron ore deposit ever recorded in the continent country. As per reports, the deposits are located in the Hamersley region of Western Australia. Talking about the estimated worth of the new found deposits, reports have estimated the weight of the iron ore reserves at 55 billion metric tons, could be worth $5.775 trillion USD (Rs 65141253000) based on current iron ore prices in the world.

The research finding was achieved through sophisticated geological techniques, such as uranium and lead isotope dating, indicated that the iron-rich formations are found in the area are 1.4 billion years old.

Notably, the value is significantly younger than the previously believed age of 2.2 billion years. This new research into question established theories regarding the formation of large iron deposits and provides fresh perspectives on the Earth’s early geological activities.

In addition to its economic consequences, this discovery is altering our comprehension of how minerals form and has the potential to change future approaches to mining.

India posts robust growth in production of iron ore, non-ferrous metals

The production of some key minerals in the country has continued to witness strong growth during the first seven months of FY 2024-25 (April-October), after reaching record production levels in FY 2023-24, according to the data released by the Ministry of Mines on Thursday.

Iron ore accounts for 69 per cent of the country’s total mineral production by value. The production of iron ore was 274 million metric tonne (MMT) for the full financial year 2023-24.

As per provisional data, production of iron ore has increased from 152.1 MMT in the first seven months FY 2023-24 (April- October) to 158.4 MMT in FY 2024-25 (April-October), showing a healthy 4.1 per cent growth.

Production of manganese ore has risen by 11.1 per cent to 2.0 MMT in FY 2024-25 (April- October) from 1.8 MMT during the corresponding period of previous year. Production of bauxite has risen by 11.3 per cent to 13.8 MMT in FY 2024-25 (April- October) from 12.4 MMT in FY 2023-24 (April- October).

(With inputs from agencies)