This document discusses banded iron formations (BIFs), which are Precambrian sedimentary deposits composed of alternating layers of iron-rich material and silica. It notes that the five largest BIF deposits on Earth are in Australia, South Africa, Brazil, Canada, and Russia, and account for about 90% of the total estimated BIF deposits globally. The document also indicates that hematite deposits discovered on Mars in western equatorial areas could have formed hydrothermally in a similar way to hematite precipitated in BIFs on Earth.