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The effective magnetic permeability of a simple cubic lattice of conducting magnetic spheres is calculated in the quasistatic limit including the eddy current effect. The problem is formulated explicitly in terms of an infinite matrix equation which is solved by iteration. A general analytical formula for the effective magnetic permeability is derived as a series expansion in powers of the volume fraction of the spheres. The formula contains that for the effective dielectric constant as a special case. The results of sample numerical calculations are presented.