A magnetic particle separating valve that includes a valve body adapted for allowing particulate matter to flow vertically through the valve from an upstream to a downstream side. A discharge flow control apparatus is positioned in the valve body and includes a plurality of blades positioned in the valve body and movable between a fully open to a fully closed position to control the rate of discharge of material from the valve. Each of the plurality of blades includes a magnet positioned on the respective blade in a flow proximity position to attract and remove magnetically attractable particles from the particulate matter flowing past the blades.