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Iron ore is a substance that is rich in iron and oxide, and that is found in rocks and minerals in one of the following forms: magnetite, hematite, limonite, or siderite. Metallic iron is used mainly in the production of steel, which is then used for a variety of purposes, including engineering applications, repair and construction of maritime equipment and vessels, automobile manufacture, and general industrial activities. The mining of iron ore involves excavating sedimentary rocks, extracting the metallic iron, and moving non-ore rocks and unwanted minerals into waste dumps.

The operating costs of the top four iron ore producers are some of the lowest in the world, and the barriers to entry (upfront capital cost) for suppliers to the iron ore market are high. A fully commercial iron ore mine requires heavy capital investment in such infrastructure as rail, and heavy machinery. Upfront capital cost for iron ore mines can run anywhere from US$160 per metric ton to US$240 per metric ton, depending on the type of metallic iron that is economically retrievable at the mining site.