India’s friend finds JACKPOT as 55 billion tons of THIS Metal discovered near…, it’s big because….

Australia finds Jackpot: In a major discovery which has shocked the world, scientists have found a giant iron ore deposit in Western Australia that could be worth trillions of dollars. The discovery of the giant iron ore deposit can change the future of mining and how we understand the Earth’s formation. This discovery is not only important for the economy but also for science, as it may change what we know about how the Earth was formed. Here are all the details you need you need to know about the recent discovery.

Iron deposits $5.775 trillion

This new iron ore deposit in the Western Australia is estimated to contain 60 billion short tons of iron. Based on an average price of $95 for each short ton, the deposit is worth about $5.775 trillion. The size of this deposit is very surprising and goes against what scientists earlier thought about where and how iron forms in the Earth. As per a report by the Sustainability Times, Dr Liam Courtney-Davis was quoted as saying that this discovery could make scientists change many ideas about how minerals form deep underground.

Significance of the Iron deposit

This deposit is located in the Hamersley region. It is not only big but also unusual in age. Earlier, scientists thought it was 2.2 billion years old, but new research says it may be only 1.4 billion years old. This change in age could be related to the movements of supercontinents, large land masses that once existed long ago. One of the scientists involved in the study was quoted as saying in the report said that finding this link between iron deposits and supercontinents helps us better understand the Earth’s geological history. This information might help scientists learn more about how the Earth’s surface changed over time.

How this discovery can impact the world economy?

Australia already has a strong position in the global mining market, and this new discovery will make its role even stronger. It could change international trade deals and affect the price of iron in the global market. The finding may also lead scientists to rethink old ideas about how minerals formed on Earth.  Associate Professor Martin Danisík said that earlier, the timeline of how these iron formations changed over time was not clearly known, but now, this discovery can help improve our understanding of it.

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