By Chisom Ibemere
Lodestone, also called magnetite, has been known for thousands of years and had been used for various purposes.
The name “lodestone” comes from the Middle English word “lode,” meaning lead or lead ore, and “stone.”
In ancient times, lodestones were believed to possess magical powers and were used as a compass by the Vikings and other seafarers.
Lodestone occurs in large deposits in many parts of the world, including the United States, Russia, China, Brazil, and Australia. It is a common mineral and is the most magnetic of all naturally occurring minerals.
Lodestone has many industrial and scientific applications such as a catalyst in the manufacture of ammonia, as a source of iron for the steel industry, and in the production of magnetic recording tapes. It is also used in magnetic therapy for healing purposes.
Lodestone is a naturally occurring magnet and contains a high iron content, which gives it its magnetic qualities. It is a hard, black mineral that has a metallic luster and a specific gravity of 5.17.
Lodestone is a naturally occurring magnetic mineral and is primarily valued for its magnetic properties.
The value of lodestone can vary depending on its size, quality, and rarity, and collectors may be willing to pay a premium for particularly desirable specimens.
The increasing demand for steel and the growing use of renewable energy technologies, such as wind turbines, are expected to drive the demand for magnetite in the coming years.