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From Wikipedia: Hematite, also spelled as haematite, is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides. Hematite crystallizes in the rhombohedral lattice system, and it has the same crystal structure as ilmenite and corundum. Hematite and ilmenite form a complete solid solution at temperatures above 950 °C (1,740 °F).
Hematite is 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. Maghemite is a hematite- and magnetite-related oxide mineral.
Huge deposits of hematite are found in banded iron formations. Gray hematite is typically found in places that can have still standing water or mineral hot springs, such as those in Yellowstone National Park in North America. 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.