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Iron is one of the three naturally magnetic elements; the others are cobalt and nickel. Iron is the most magnetic of the three. The mineral magnetite (Fe3O4) is a naturally occurring metallic mineral that is occasionally found in sufficient quantities to be an ore of iron. The principle ores of iron are Hematite, (*0% iron) and Magnetite, (*2 % iron). Taconite is a low-grade iron ore, containing up to *0% Magnetite and Hematite.Iron (Fe) is a metallic element and composes about 5% of the Earth’s crust. When pure it is a dark, silvery-gray metal. It is a very reactive element and oxidizes (rusts) very easily