Reserves: Mineral resources whose geological reliability has been controlled or confirmed after detailed investigation or exploration. After the pre-feasibility study or feasibility study, the economic significance shows that the mining was economical at that time, and the design and mining losses were deducted. Reserves are the economically recoverable part of basic reserves. According to the different stages of geological reliability and feasibility evaluation, reserves can be divided into recoverable reserves, proven pre-recoverable reserves and controlled pre-recoverable reserves.

Grade: refers to the proportion of iron in iron ore to ore quality, in%. Experts generally only say numbers, not units.

Price: the cost of buying a ton of iron ore or iron concentrate.