A continuous magnetic separator and process for separating a slurry comprising magnetic particles into a clarified stream and a thickened stream. The separator has a container with a slurry inlet, an overflow outlet for the discharge of the clarified slurry stream, and an underflow outlet for the discharge of a thickened slurry stream. Magnetic particles in the slurry are attracted to, and slide down, magnetic rods within the container. The slurry is thus separated into magnetic concentrate and clarified slurry. Flow control means can be used to control the ratio of the rate of magnetic concentrate to the rate of clarified slurry. Feed control means can be used to control the rate of slurry feed to the slurry inlet.