What is the name of the world's largest iron ore mine located in South America?

The world's largest iron ore mine located in South America is the Carajás Mine.

Carajás lies in the Carajás Mountains near Parauapebas, in Brazil's northern state of Pará. It is an open-pit operation run by Vale, one of the world's largest mining companies. The deposit is celebrated not only for its enormous size but also for its exceptionally rich ore, which reduces the amount of material that must be processed to obtain iron.

Mining began in the late 1960s, and the complex contains iron along with important deposits of manganese, copper, gold, bauxite, and nickel. The ore is transported by the Carajás Railway to the Ponta da Madeira maritime terminal, near São Luís, for export.

A common mix-up is Serra Pelada, also in Pará. Serra Pelada became famous for its dramatic gold rush, not for being the region's giant iron mine. S11D is another major Vale project within the broader Carajás area, but Carajás Mine is the canonical answer to this question.