Iron ore is the basic mineral and the backbone of industrial development. India is endowed with fairly abundant resources of iron ore. India is rich in good quality iron ores. Magnetite is the finest iron ore with a very high content of iron up to 70 per cent. It has excellent magnetic qualities, especially valuable in the electrical industry. Hematite ore is the most important industrial iron ore in terms of the quantity used, but has a slightly lower iron content than magnetite. (50-60 per cent).