I already know nobody is going to click on OP's link, so the short version is the magnet is permanently placed down in the cow's second stomach and it stays there for life, and if the cow eats and nails or pieces of barbed wire or other metal bits found on farms, it sticks to the magnet instead of shredding up their intestines or other stomachs as their feed is tossed around and digested and re-chewed and digested again, etc.
Some models have plastic caging around the magnet to also protect the cow's stomach from sharp metal things stuck to the magnet.
