Final answer:
Hematite and magnetite are the two minerals that serve as commercial sources of iron. Hematite contains about 70% iron, while magnetite contains up to 72% iron and is magnetic.
Step-by-step explanation:
The two minerals that are commercial sources of iron are hematite and magnetite. Hematite has a red-brown streak and is one of the primary ores of iron, containing about 70% iron. Magnetite is another iron ore, characterized by its magnetic properties and contains up to 72% iron. Galena is actually a source of lead, while graphite is a form of carbon and not a source of iron. Mica minerals (muscovite and biotite) are silicates and do not provide iron commercially. Garnet and fluorite are also not sources of iron.
Iron is critical for industrial purposes, especially in steel production, and these minerals are mined for their iron content. The iron can be extracted via various smelting processes which remove the oxygen and leave behind metallic iron.