Answer by Jlsthegeologist. Confidence votes 668. The difference between the iron in magnetite and hematite is the charge. Hematite has all 3+ iron (the iron when make the mineral loses 3 electrons) and magnetite has some 2+ iron (it only loses 2 electrons).nswer by Jlsthegeologist. Confidence votes 668. The difference between the iron in magnetite and hematite is the charge. Hematite has all 3+ iron (the iron when make the mineral loses 3 electrons) and magnetite has some 2+ iron (it only loses 2 electrons).