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We investigate an effective Hamiltonian for Na0.5CoO2 that includes theelectrostatic potential due to the ordered Na ions and strong electroniccorrelations. This model displays a subtle interplay between metallic andinsulating phases and between charge and magnetic order. For realisticparameters, the model predicts an insulating phase with similarities to acovalent insulator. We show that this interpretation gives a consistentexplanation of experiments on Na0.5CoO2, including the small degree of chargeordering, the small charge gap, the large moment, and the optical conductivity.

Interplay of frustration, magnetism, charge ordering, and covalency in a model of Na0.5CoO2