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I'm sure someone, somewhere is working on a heatsink collection. (People collect all sorts of strange things). I don't think there's much of a market for them, but you could always try running an ebay auction.

This is an oxidation reaction. The balanced equation is 4Fe + 3O2 -> 2Fe2O3 There are other forms of Iron Oxide that can form, notably FeO Water acts as a Catalyst, but is usually not consumed in this reaction. If your choices are limited to Synthesis/Decomposition, then the answer would be...