India is well endowed with vast reserves of banded hematite ore, about 12
billion tonnes, estimated by some conventional methods. Various authors
have assessed this huge reserve using some advanced geostatistical
methods. A Banded Iron Formation (BIF) belt named the
`Singhbhum-Keonjhar-Bonai' belt in India has been chosen as a case
study. In this paper, the experiences of Chiria iron ore, in particular, have
been described. This study will finally create a dynamic mineral inventory
after standardising the geostatistical parameters which will help to cater
for the needs of the stringent quality requirements of the Indian steel
industries.