Magnetite is more commonly known as lodestone and is considered to be the only mineral that acts as a natural magnet. According to Mineral Miners, the name magnetite comes from the Latin, magnesia, when a shepherd named Magnes found the mineral stuck to his shoes while tending to his flock.
Magnetite is an iron oxide appearing in various rock forms, such as igneous, metamorphic and sedimentary. Magnetite is usually dark gray or black in color, but it can gain a yellow-brown coat of rust if it is washed frequently or kept in a damp environment. Magnetie has a specific gravity of 4.9 to 5.2 and a hardness of 5.5 to 6.5.