A downhole tool having a body or structural component comprises a material that is at least partially consumed when exposed to heat and a source of oxygen. The material may comprise a metal, such as magnesium, which is converted to magnesium oxide when exposed to heat and a source of oxygen. The downhole tool may further comprise a torch with a fuel load that produces the heat and source of oxygen when burned. The fuel load may comprise a flammable, non-explosive solid, such as thermite.