both correct;
ROM hematite is (usually) higher grade - typically +60%
ROM magnetite ore is lower grade 30-40% by total iron content of ore. the magnetite 'particles' within the ROM ore are typically around 60% iron and can be separated out to form a 60% concentrate pretty easily...
have a look at GRR; will be mining ore at 29-30% iron and processing (crush+ gravity separation I think) to a 67% concentrate for export out of Albany...
