A chunk of magnetite guards the office door at the Pea Ridge iron mine near Sullivan, Mo., a mascot of the mine's past and future. When Jim Kennedy bought the mine in 2001, he'd planned to restart production on a high-grade iron ore deposit. He didn't realize he was sitting on a mother lode of 600,000 metric tons of high-grade rare earth elements -- elements the U.S. is desperately hungry for. Four years ago, he almost threw away reams of documents describing Pea Ridge's deposit. "Nobody bothered to tell me about it," he said.
A more powerful magnetic material may have emerged to topple previous record-holder iron cobalt, until now the most magnetic material on Earth. The new iron and nitrogen compound might also force physicists to revise their understanding of magnetism, according to the Minnesota Daily.