Magnetite (Lodestone) is the most magnetic of all the minerals on Earth, and these magnetic properties led to it being used as an early form of magnetic compass. Small grains of magnetite occur in almost all igneous
rocks and metamorphic
rocks as well as many sedimentary
rocks. Magnetite is a valuable source of iron ore. It dissolves slowly in hydrochloric acid.
Magnetite is sometimes found in large quantities in beach sand. Such mineral sands or iron sands or black sands are found in various places such as California and the west coast of New Zealand. The magnetite is carried to the beach via rivers from erosion and is concentrated via wave action and currents.