Reuters reported that China Shandong province announced the discovery of a huge iron ore deposit recently.

The official Xinhua News Agency cited the local geological bureau in the eastern province as saying the deposit contained a confirmed iron ore reserve of about 1.1 billion tonnes and estimated reserves of 5 billion tonnes to 8 billion tonnes.

It did not disclose an estimated average iron content of the deposit which is in an area known for magnetite type ore, and said the ore body was at 1,000 meters to 2,500 meter which means it would be very expensive to develop.

(Sourced from Reuters)