Magnetite is a ferrimagnetic

Ferrimagnetism

In physics, a ferrimagnetic material is one in which the magnetic moments of the atoms on different sublattices are opposed, as in antiferromagnetism; however, in ferrimagnetic materials, the opposing moments are unequal and a spontaneous magnetization remains...

 mineral

Mineral

A mineral is a naturally occurring solid chemical substance formed through biogeochemical processes, having characteristic chemical composition, highly ordered atomic structure, and specific physical properties. By comparison, a rock is an aggregate of minerals and/or mineraloids and does not...

 with chemical formula Fe

Iron

Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...

₃O

Oxygen

Oxygen is the element with atomic number 8 and represented by the symbol O. Its name derives from the Greek roots ὀξύς and -γενής , because at the time of naming, it was mistakenly thought that all acids required oxygen in their composition...

₄, one of several iron oxide

Iron oxide

Iron oxides are chemical compounds composed of iron and oxygen. All together, there are sixteen known iron oxides and oxyhydroxides.Iron oxides and oxide-hydroxides are widespread in nature, play an important role in many geological and biological processes, and are widely utilized by humans, e.g.,...

s and a member of the spinel

Spinel

Spinel is the magnesium aluminium member of the larger spinel group of minerals. It has the formula MgAl2O4. Balas ruby is an old name for a rose-tinted variety.-Spinel group:...

 group. The chemical IUPAC name is iron(II,III) oxide

Iron(II,III) oxide

Iron oxide is the chemical compound with formula Fe3O4. It is one of a number of iron oxides, the others being iron oxide , which is rare, and iron oxide also known as hematite. It occurs in nature as the mineral magnetite. It contains both Fe2+ and Fe3+ ions and is sometimes formulated as FeO ∙...

 and the common chemical name is ferrous-ferric oxide. The formula for magnetite may also be written as FeO·Fe₂O₃, which is one part wüstite

Wüstite

Wüstite is a mineral form of iron oxide found with meteorites and native iron. It has a gray color with a greenish tint in reflected light. Wüstite crystallizes in the isometric - hexoctahedral crystal system in opaque to translucent metallic grains. It has a Mohs hardness of 5 to 5.5 and a...

 (FeO) and one part hematite

Hematite

Hematite, also spelled as haematite, is the mineral form of iron oxide , one of several iron oxides. Hematite crystallizes in the rhombohedral system, and it has the same crystal structure as ilmenite and corundum...

 (Fe₂O₃). This refers to the different oxidation states of the iron in one structure, not a solid solution

Solid solution

A solid solution is a solid-state solution of one or more solutes in a solvent. Such a mixture is considered a solution rather than a compound when the crystal structure of the solvent remains unchanged by addition of the solutes, and when the mixture remains in a single homogeneous phase...

.