Option 1: Both A and R are individually true and R is the correct explanation of A. This option is incorrect because although both statements are true, reason R does not correctly explain assertion A. The fact that the mining company shut down its operations does not necessarily mean that the area has been depleted of iron ore. There could be other reasons for the shutdown, such as economic factors or regulatory issues.

Option 2: Both A and R are individually true but R is not the correct explanation of A. This option is the correct answer. It acknowledges that both statements are true, but reason R does not provide a correct explanation for why the mining company shut down its operations.

Option 3: A is true but R is false. This option is incorrect because both A and R are true. The mining company did shut down its operations and the area has been depleted of its iron ore.

Option 4: A is false but R is true. This option is incorrect because assertion A is true. The mining company did shut down its operations. Therefore, the correct answer is option 2, as it accurately reflects the relationship between the two statements.