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Meteoric Iron is a resource that is of some use to the Terra Nova colony, but its current use is unknown. However, the quarry where it is mined is controlled by the Sixers, making acquisition of the material difficult for the colonists. The Sixers used the iron in a trade with Commander Taylor for Carter and medical items (the Sixers also requested ammunition, but they were denied this). ("Genesis")

In "Occupation", when Lucas, Weaver and Hooper are looking out over the valley where they plan to detonate the pyrosonic, Hooper comments "This whole valley is rich with meteoric ore. There are impact craters everywhere, you just can't see 'em because of the canopy." Lucas asks "How much is out there?" and Hooper responds "couple o' hundred thousand tons, easy."

It is a extremely valuable resource in 2149, so the Phoenix Group were sent to Terra Nova by Lucas's employers to take control of the colony, strip-mine meteoric iron and send it back through the two-way time portal to 2149. Three shipments of the material were delievered to their employers, but Hope Plaza was later destroyed by Jim Shannon, thus cutting off Terra Nova from the future and stopping more resources from being plundered. ("Resistance")