Disclosed is the addition of at least two elements of Nb, V, Ta and Zr to the ternary alloy of R (rare earth)-Co-Cu for permanent magnet materials, to thereby provide the permanent magnets with increased coercive force, residual magnetization and energy product. The additional elements enable employment of such Cu and Fe contents of the alloy as less than 10% and more than 6%, respectively. These percentages were avoided in the prior art to prevent the reduction of Br and Hc, respectively.