The neutron shielding properties of ilmenite-magnetite (I-M) concrete are measured experimentally. The instantaneous relaxation length and thickness-dependent removal cross section of neutrons from a 252Cf source penetrating I-M concrete with and without a cadmium sheet are reported. An empirical formula is developed to calculate the thickness dependence of the removal cross section and the related coefficients are reported. The results illustrate the effectiveness of I-M concrete so far as its shielding properties are concerned. This material can be used to shield reactors, accelerators, X-ray installations, and radioactive sources used for commercial purposes.