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Hematite, also spelled hæmatite, is the mineral form of Iron, one of several iron oxides.Hematite is a mineral, colored black to steel or silver-gray, brown to reddish brown, or red. It is mined as the main ore of iron. Varieties include kidney ore, martite (pseudomorphs after magnetite), iron rose and specularite (specular hematite). While the forms of hematite vary, they all have a rust-red streak. Hematite is harder than pure iron, but much more brittle. Huge deposits of hematite are found in banded iron formations. Grey hematite is typically found in places where there has been standing water or mineral hot springs, such as those in Yellowstone. The mineral can precipitate out of water and collect in layers at the bottom of a lake, spring, or other standing water. Hematite can also occur without water, however, usually as the result of volcanic activity.