Iron is the most widely used of all metals accounting for over 90% of worldwide metal production. It is required for the production of steel which is essential to maintain a strong industrial base. Metallic iron is virtually unknown on the surface of earth except as iron-nickel alloys from meteorites. Iron is primarily sourced from hematite and magnetite hosted in Banded Iron Formations (BIF). Global iron ore supply will struggle to keep pace with demand as there are few green fields projects in the pipeline. Decarbonization goals in several countries will see demand for high quality iron ore increase putting pressure on global supply.