why would iron and nickel dissolve in magma? as far as i know molten rock(magma) is neither acidic or alkaline. i assume you mean that they melt and then mix in with the magma. this can happen on a small scale but when you then take it to VERY large scales things get a bit more complicated and funny stuff starts to happen. like the metals sinking to the core (yes it probably would take years and years, probably centuries to millenia) and forming a nice big lump.