Magnetite 101

Magnetite is a very heavy, magnetic, iron oxide mineral with a chemical formula of Fe3O4.

The Moh's Scale hardness is 5.5 to 6.

Pure magnetite has a specific gravity of 5.1, meaning that it is 5.1 times heavier than the same volume of water. In practical terms a cubic metre of water weighs 1 tonne (1000 kg or 2200 lbs) while a cubic metre of magnetite weighs 5.1 tonnes (5100 kg or 11,220 lbs).

The mined ore from the Micrex Projects runs on average 4.65 to 4.8 for specific gravity.

The combination of hardness, weight and for certain applications, magnetic properties, makes magnetite a desirable industrial mineral beyond its iron content.

Magnetite worldwide is a valuable resource as an iron ore. With the upswing in the iron and steel industry magnetite resources are being consumed at a prodigious rate, which leaves little supply available for other magnetite users.

North American industrial magnetite users have been forced to source magnetite from offshore or do without. The few sources of industrial magnetite remaining on the North American continent are dwindling quickly. With so many markets fighting over the same resource, users have reported that quality has dropped, costs have escalated, and supply has become almost impossible to secure.

In some cases the lack of a secure and good quality magnetite supply has forced companies to abandon the effort to produce various products.

Offshore suppliers of magnetite have a reputation for poor quality control, uncertain supply and widely variable costs - particularly shipping.

The Micrex Magnetite Projects will offer a secure, high quality source of supply to a wide range of industrial users desperate for magnetite.