Mount Magnet silver mine, also known as the Magnet Silver Mining Company operated between 1902 and 1941.
The former locality and mine site that supported the mine in the years of its operation lies about 20 km out of Waratah.
The 10 mile long Magnet Tramway commenced in 1902.
[3][4][5] The mine was ranked third after Bischoff and Mount Lyell in the 1920s in its success and production.
[6] The mine company went into liquidation in 1932, but operated until 1941.