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The Northern Territory town of Pine Creek has also been severely affected by the declining iron ore prices. The town's largest employer, the Frances Creek iron ore mine is set for closure by November 2014. The town relies heavily on the jobs created by this mine and the closure will dramatically affect the survival of this small town.
While BIF has a low iron content with its magnetic iron ore (magnetite), it can be readily enriched from 32 per cent iron to 70 per cent. DRI requires a highgrade ore that requires beneficiation of the ores to reduce the silica and alumina to between 2 and 3 per cent.
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