Magnetite

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Magnetite 
Frequency common 
Hardness 5.5-6.5 
Density 5.17
Chemical Formula Fe3O4 
Core Elements Fe

Magnetite, along with Hematite and iron pyrite is a primary ore of iron. Some magnetite which is sufficiently rich in iron can become magnetized. These examples are called lodestones and are useful. The two major uses are as compass material and as a starting place for magnetizing iron.