Specific heat, magnetic torque, and magnetization studies of LiCoPO4 olivine are presented. They show that an unique set of physical properties of LiCoPO4 leads to the appearance of features characteristic of 2D Ising systems near the Neel temperature, T_N =21.6 K, and to the appearance of an uncommon effect of influence of magnetic field on the magnetocrystalline anisotropy. The latter effect manifests itself as a first-order transition, discovered at ~9 K, induced by magnetic field of 8 T. Physical nature of this transition was explained and a model describing experimental dependences satisfactorily was proposed.
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