Mainly oxide form of ironores are widespread in India, of which by far hematite (Fe 2 O 3) is most important, followed by Magnetite (Fe 3 O 4) and Limonite (Fe 3 O 2 O). Carbonate iron ore,, Siderite, is almost absent in India. Most of the ores originated during preCambrian period, even before 600 million years ago. Iron—Ore Reserve.