Magnet
Many materials have unpaired electron spins, and the majority of these materials are paramagnetic. When the spins interact with each other in such a way that the spins align spontaneously, the materials are called ferromagnetic (what is often loosely termed as magnetic). Because of the way their regular crystalline atomic structure causes their spins to interact, some metals are ferromagnetic when found in their natural states, as ores. These include iron ore (magnetite or lodestone), cobalt and nickel, as well as the rare earth metals gadolinium and dysprosium (when at a very low temperature). Such naturally occurring ferromagnets were used in the first experiments with magnetism. Technology has since expanded the availability of magnetic materials to include various man-made products, all based, however, on naturally magnetic elements.
Neodymium magnet
The neodymium atom also can have a large magnetic dipole moment because it has 4 unpaired electrons in its electron structure as opposed to (on average) 3 in iron. In a magnet it is the unpaired electrons, aligned so they spin in the same direction, which generate the magnetic field. This gives the NdFeB compound a high saturation magnetization ("J" ~1.6 T or 16 kG) and a remnant magnetization of typically 1.3 teslas. Therefore, as the maximum energy density is proportional to "J", this magnetic phase has the potential for storing large amounts of magnetic energy ("BH" ~ 512 kJ/m or 64 MG·Oe). This magnetic energy value is about 18 times greater than "ordinary" ferrite magnets by volume, and 12 times by mass. This magnetic energy property is higher in NdFeB alloys than in samarium cobalt (SmCo) magnets, which were the first type of rare-earth magnet to be commercialized. In practice, the magnetic properties of neodymium magnets depend on the alloy composition, microstructure, and manufacturing technique employed.