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Very small nanometric oxide particles (CoO and Co 3 O 4 , around 2 nm in diameter) well dispersed inside a polymer matrix were prepared by solid-state oxidation of a metallic colloid precursor (1.6 nm Co particles). WAXS (wide-angle X-ray scattering) and HREM (highresolution electronic microscopy) were used to observe very precisely the structural changes occurring during the oxidation process. With cobalt particles a few nanometers large, air oxidation at room temperature results in a surface passivation. Consequently the particles show a composite structure with a metallic core surrounded by an oxide surface layer. Preliminary magnetic measurements reveal that unidirectional exchange anisotropy between the metallic ferromagnetic core and the antiferromagnetic oxide layer occurs below 130 K.

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