According to the news released by the official website of the Ministry of Commerce of China, Jiangxi Province's Geological Survey found masses of magnetite in Tibet. The ore content is as high as 50% to 60%; and the potential iron ore resources could reach more than 1 billion tons, which is a rare occurence in the country.
Xu Xiangchun, an expert in this field, said that Chinese magnetite is generally small and the ore content low. At present, a large amount of iron ore in China is mainly imported. Under these conditions, the discovery of magnetite in Tibet is highly significant.
By People's Daily Online