MAGNETIC MATERIAL

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There is disclosed a magnetic material having a composition in atomic percentage of : (MM1-aRa)uFe100-u-v-w-x-yYvMwTxBy wherein MM is a mischmetal or a synthetic equivalent thereof; R is Nd, Pr or a combination thereof; Y is a transition metal other than Fe; M is one or more of a metal selected from Groups 4 to 6 of the periodic table; and T is one or more of a metal other than B, selected from Groups 11 to 14 of the periodic table, wherein 0≦a≦1, 7≦u≦13, 0≦v≦20, 0≦w≦5; 0≦x≦5 and 4≦y≦12.