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Magnetite is a mineral and one of the primary iron ores, with the chemical formula Fe₃O₄. It is an iron oxide that contains both iron(II) and iron(III) oxides and is known for its magnetic properties, making it the most magnetic of all the naturally occurring minerals on Earth. Key characteristics of magnetite include: 1. **Magnetic Properties**: Magnetite is strongly magnetic and is used in various applications that utilize magnetism.