A heat exchange system and processes for a magnetic annealing tool is provided. The system includes a process chamber housing workpieces to be processed; an element chamber partly surrounding the periphery of the process chamber, at least one vacuum for drawing a vacuum in fluid communication with the process chamber and separately with the element chamber in order to apply a vacuum to either or both of the process and element chamber so as to promote radiation heating of the workpieces; at least one supply of fluid in communication with the process chamber and separately with the element chamber to supply a cooling gas so as to promote conductive cooling of the workpieces; a cooling chamber disposed to surround the element chamber; and magnetic field generator for generating a magnetic field disposed on the outer periphery of the cooling chamber.