Western Magnesium Issues Indication of Interest to Move into Magnesium Production
2019年6月11日 - 10:29PM
ビジネスワイヤ(英語)
If acquired, a site will be transformed into a
center of innovation and production for magnesium steel using
breakthrough, clean technology
Western Magnesium Corporation (TSXV: WMG; Frankfurt-M1V; OTCQB:
MLYF) (the “Company” or “Western Magnesium”) announced it has
issued an indication of interest to acquire a former smelter site
in the state of Washington.
“If successful, the site will be created as a center for
magnesium metal production and innovation, where like-minded
companies can collaborate to take full advantage of our
revolutionary, clean production process that will establish Western
Magnesium as the low-cost producer of green, primary magnesium,”
says Sam Ataya, Chief Executive Officer of Western Magnesium.
Magnesium is an attractive choice in applications where light
weight and high performance are critical.
Western Magnesium’s scalable commercial furnaces require a
smaller footprint than previous operational requirements and,
unlike alternative production methods, contribute to the Company’s
ultimate zero waste goal. In addition, their size enables the
furnaces to be located in any post-industrial town or city that is
close to industrial demand. In addition to this site located in
Stevens County, Western Magnesium has identified several potential
sites throughout the U.S. that will serve as ideal locations to
produce magnesium metal. This will enable Western Magnesium to be a
coast-to-coast producer, servicing the needs of multiple industries
throughout the U.S.
Currently, magnesium metal can only be profitably produced in
countries with low labor costs and lax work and environmental
standards--such as China, which currently produces almost 90% of
the world’s supply. Western Magnesium’s technology can turn this
table with its process that will produce an environmentally
friendly and economically competitive product.
“Our vision is to create a cornerstone industry that will allow
innovation in industries as diverse as automotive, aerospace,
defense and general manufacturing,” says Ataya.
During construction and build out, the Western Magnesium plant
will look to create new jobs throughout the U.S. Western Magnesium
is already in talks with other companies to work collaboratively on
the American Magnesium Renaissance.
“The real economic impact will be seen by transforming a
potential manufacturing site into a center of innovation that may
include worker housing and amenities to attract scientists,
engineers and the skilled workforce needed to create an entirely
new American industry,” says Ataya. “Our hope is that our facility
serves as a locus of smart manufacturing activity, breaks our
reliance on dirty, low-quality foreign magnesium and produces a
better, cleaner, domestic product that re-establishes American
manufacturing dominance.” Terms and considerations will be noted in
a future press release.
About Western Magnesium
Western Magnesium’s goal is to be a low-cost producer of green,
primary magnesium metal, a strategic commodity prized for its
strength and lightweight. Unlike outdated and costly production
processes, Western Magnesium looks to use a continuous
silicothermic process to produce pure magnesium, which
significantly reduces labor and energy costs relative to current
methods and processes, while being environmentally friendly.
Forward-Looking Statements
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Forward‐looking statements in this news release
include that we will conduct and close a private placement and that
we can become a major U.S. producer and distributor of primary,
high grade, low cost magnesium metal. Actual results may differ
materially from those currently anticipated due to a number of
factors, including the Company’s dolomite reserves may not be mined
because of technical, regulatory, financing or other obstacles, the
market price for magnesium may make our resources uneconomic, we
may not be able hire and retain skilled employees, and other risks
associated with being a mineral exploration and development
company. We may not be able to close with interested investors on
our intended private placement because of perceived risks or market
conditions. The Company undertakes no obligation to update
forward‐looking information except as required by law. The reader
is cautioned not to place undue reliance on forward‐looking
statements. These forward-looking statements are made as of the
date of this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
For additional information please visit our
website at http://www.westmagcorp.com or view our
profile on SEDAR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190611005635/en/
Company ContactJohn
Ulmerjulmer@westmagcorp.com778-994-6453
Media ContactAlexandra
BloomerAbloomer@gregoryfca.com610-228-2075
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