Step 1: Concept Thermit welding utilizes an exothermic chemical reaction between a metal oxide and a reducing metal to generate high heat.
Step 2: Meaning The "thermit" mixture must react to produce molten iron and slag without an external power source once ignited.
Step 3: Analysis The specific reaction involves Aluminum powder ($Al$) and Iron Oxide ($Fe_{2}O_{3}$ or $Fe_{3}O_{4}$). Because Aluminum has a higher affinity for oxygen, it reduces the iron oxide to molten iron.
Step 4: Conclusion Thus, the primary constituents of a Thermit welding mixture are Aluminium and Iron Oxide.
Final Answer: (D)