MAGNESIUM METAL MARKET ANALYSIS

Market News

Global Magnesium Metal Market: Recent Developments

• In February 2023, Western Magnesium Corporation announced plans to build a new magnesium metal production facility in Nevada, U.S. with an initial annual capacity of 25,000 metric tons, as well as a new research and development center. Through this expansion, the company hopes to serve automotive, aerospace, airline, eco-friendly technology companies, and defense contractors with the help of this new production facility.
• In July 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd (a wholly owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd) has completed a high-performance magnesium-aluminum alloy and deep processing project (Phase II project) in Chongqing City. The new manufacturing facilities may include a magnesium particle production workshop with a capacity of 7,200 tons per year.
• In October 2021, General Magnesium Corporation and International Cobalt Corp. are pleased to announce that Laurentian Bank Securities Inc. has served as the firms' Financial Advisor. International Cobalt disclosed the terms of a definitive agreement in a press release issued on August 11, 2021."Business Combination Agreement" with GMC and 2857695 Ontario Inc., International Cobalt's recently integrated, wholly-owned subsidiary. According to the terms of the agreement, International Cobalt will acquire all of GMC's issued and outstanding shares.
• In October 2021COVER TECHNOLOGIES INC. announced that its wholly-owned subsidiary, Mag One Operations, will begin the next phase of determining the feasibility of producing magnesium metal using Tech Magnesium's novel Aluminothermic Reduction Process. Through its Industrial Research Assistance Program (NRC-IRAP), the National Research Council of Canada (NRC) supported the preparatory work in 2019. In 2019, Mag One and Tech Magnesium signed a Technology Acquisition Agreement.