Lodestone was the first compass needle, and the word magnet comes from Magnesia in Greece, where it was found. Each formula unit has one iron(II) and two iron(III). One iron(III) sits in a small tetrahedral hole in the oxygen packing; the other and the iron(II) share the larger octahedral holes, so electrons hop between them and the mineral conducts, which is why it is black and metallic rather than red like hematite.