Alliance Magnesium

Alliance Magnesium Inc. announced that Marubeni Corporation will invest C$16.7 million in common shares to finance the commercial production demonstration phase (phase 1) of its magnesium production project in Danville, Quebec. Construction of phase 1 will begin in 2020.

Alliance Magnesium plans to deploy the construction and operation of a 50,000-tonne magnesium plant by 2021, creating more than 350 direct jobs, following the acquisition of Magnola.

Alliance Magnesium acquired all shares of Magnola Metallurgy Inc. and Magnola Mining Inc., gaining full ownership of industrial and mining sites in Danville, Quebec, including a former magnesium plant valued at over CAD $85 million.