We present a study on the structural, spectroscopic, conducting, and magnetic properties of Mg 5 C 60 , which is a two-dimensional ͑2D͒ fulleride polymer. The polymer phase is stable up to the exceptionally high temperature of 823 K. The infrared and Raman studies suggest the formation of single bonds between the fulleride ions and possibly Mg-C 60 covalent bonds. Mg 5 C 60 is a metal at ambient temperature, as shown by electron spin resonance and microwave conductivity measurements. The smooth transition from a metallic to a paramagnetic insulator state below 200 K is attributed to Anderson localization driven by structural disorder.