magnetite /ˈmaɡ.nə.taɪt/ noun2 •A magnetic mineral, with the chemical formula Fe²⁺Fe3+2O₄, one of the primary ores of iron.Appropriately enough, the commonest of these, a simple iron oxide, is called magnetite. — 2004 •Any instance of iron(II,III) oxide, regardless of whether it is a geologic mineral or a chemical result or product. formsmagnetites