In this paper a Permanent Magnets (PMs) magnetic bearing capable to rotate at a short distance from a dedicated stator is presented. The magnetic suspension is assured by the repulsion of properly shaped PMs on both the stator and the rotor. The presence of eddy currents on a conducting sheet surrounding the stator magnets helps in overcoming the intrinsic instability of such kind of systems. Due to its complexity the system has been simulated by means of a dedicated numeric code capable to take into account the effects of the magneto-mechanical coupling. Finally a configuration of an active stabilizing system that exploits the results of the simulation is briefly described.