14:28 GMT +317 October 2019
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    Bangladesh Discovers its First Iron Ore Mine, Extraction Venture to Create Jobs - Report

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    New Delhi (Sputnik): The discovery of the high-quality iron ore mine is significant, as the iron concentration in the magnetite ore is 65 per cent, so mining would be economically feasible. Its discovery has opened up fresh economic prospects for the country.

    Bangladesh has discovered its first iron ore mine in the country’s Dinajpur district, the Geological Survey of Bangladesh (GSB) announced on Wednesday following a two-month long extensive drilling operation in the area.

    “A 400-feet thick iron layer has been discovered at a depth of 1,330 feet and the layer stretches over an area of 6-10 square kilometres,” the Daily Star quoted GSB’s Deputy Director Mohammad Masum as saying.

    Other metals such as gold, copper, nickel, and chromium were also found at various levels in the site. 

    In countries like Canada, China, Brazil, Sweden, and Australia, the percentage of iron ore is below 50, while in this particular mine, it is around 65 per cent. The typical grade of iron at which a magnetite-bearing banded iron formation becomes economically feasible for extraction is roughly 25 per cent, according to geological data.

    Just as the news broke out about the discovery, it went viral on social media.

    ​The GSB first began drilling near Isabpur village in 2013. Proactive drilling, however, started in and around the area in April this year.

    GSB officials have said the commercial extraction process will create job opportunities, perhaps for locals, though they failed to specify how many new hires they are anticipating. 

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