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Hematite can only obtain magnetism via antiferromagnetism, assosciated with a small net magnetisation allowed through crystal lattice defects.

By far the most important magnetic rocks are those containing magnetite. However the Ti-O-Fe solid solid solution all have ferrimagnetic properties (i.e. they retain magnetization).

Magnetite occurs in a range of rocks, including sandstones, granites and metamorphic rocks. However it is typically most concentrated in mafic, iron-rich rocks and sedimentary iron formations.

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