What are Samarium Cobalt Magnets (SmCo)?

Until the discovery of neodymium-iron-boron in 1970, samarium-cobalt magnets were considered the strongest magnets in the world. Made from an alloy of the rare earth metal samarium with cobalt, samarium-cobalt magnets can be used at higher temperatures than neodymium magnets. However, the high production costs of samarium-cobalt magnets significantly exceed those of neodymium magnets, so the former are rarely used.