A CPP spin-valve element formed on a substrate including a free layer
structure including at least one ferromagnetic layer and a pinned layer
structure including at least one ferromagnetic layer. The free layer is
magnetically softer than the pinned layer. A thin non-magnetic spacer
layer structure configured to separate the free layer and the pinned
layer is provided in order to prevent a magnetic coupling between the
free and pinned layer structures, and to allow an electric current to go
there through. At least two current-confining (CC) layer structures
including at least two parts having significantly different current
conductivities are incorporated therein.