The present invention relates to a scaled up process for producing high purity magnetite from hematite. A process of producing magnetite with a high purity of greater than 90 % magnetite, more typically greater than 95 % magnetite, by reducing powdered hematite into magnetite under maximum temperature of 300 to 575 ºC, with hydrogen in a methane gas fired reactor. Controlled amount of hydrogen is used for reduction . A product of high purity magnetite and has a magnetic saturation greater than 80 emu/g is obtained.
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