In mining, beneficiation is a variety of processes whereby extracted ore from mining is separated into mineral and gangue, the former suitable for further processing or direct use.
Based on this definition, the term has metaphorically come to be used within a context of economic development and corporate social responsibility to describe the proportion of the value derived from asset exploitation which stays 'in country' and benefits local communities.
For example, in the diamond industry, the beneficiation imperative argues that cutting and polishing processes within the diamond value chain should be conducted in-country to maximise the local economic contribution.
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite, hematite , goethite, limonite or siderite. Ores carrying very high quantities of hematite or magnetite (greater than ~60% iron) are known as "natural ore" or "direct shipping ore", meaning they can be fed directly into iron-making blast furnaces. Most reserves of such ore have now been depleted. Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel. 98% of the mined iron ore is used to make steel. Indeed, it has been argued that iron ore is "more integral to the global economy than any other commodity, except perhaps oil".
