magnetic shielding

One area of concern in building your own drone is inevitablie going to be magnetic field. Most people mount their compass on a mast, limiting the effect of the magnetic field on your drones performance. My question is about another way to minimize the potential harmful effects of magnetic field. how about some simple and relatively inexpensive magnetic shielding. Can anyone shed some light on potential  benefits and /or detrimental effects of adding some magnetic shielding to the electronics on your drone. Also, can you point out some good materials to use in in applying shielding.

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