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MEI Online: Commodities: Metallic Ores: Magnesium: Latest News: August 27th 2004

 
 

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:: MagAlloy Signs Fiscal Operating Agreement for Kouilou Magnesium Project  

Magnesium Alloy Corporation (MagAlloy) is pleased to announce the signing of the Convention Cadre (the Agreement) with the government of The Republic of Congo. The Agreement was signed with Monsieur Philippe Mvouo, the Minister of Mines and Energy, at a televised ceremony held in Pointe-Noire during the celebrations for the country’s 44th Anniversary of Independence.

The Agreement describes the fiscal environment and operating terms for the Kouilou Magnesium Plant and the attendant brine mining operation. A 350 hectare ocean front industrial site has been identified for the Kouilou magnesium smelter, its auxiliary operations and by-product plants.

The Kouilou Magnesium Project operations will be organized as a magnesium smelter industrial company and a brine mining company. The industrial company will be 100% owned by MagAlloy Congo SA. The brine mining company will be 90 %owned by MagAlloy Congo SA with 10% being held by the government of The Republic of Congo. The brine mining operation will hold a 30-year renewable mining permit.

The Kouilou Magnesium Project, which includes both the Kouilou Magnesium Smelter and the Kouilou Brine Mining Field, will represent the largest on-shore industrial project in the Republic of Congo. The construction phase is anticipated to create up to 2,000 local jobs while the operations phase will create up to 500 full-time jobs. The local magnesium resources, which will be extracted by proven, environmentally friendly brine well technology, are expected to be sufficient to support many hundreds of years of production.

MagAlloy’s goal is to become a major producer of primary magnesium metal and magnesium alloys to supply the automotive, die-casting, aluminum, and steel industries by constructing and operating the Kouilou Magnesium Smelter at Pointe-Noire in the Republic of Congo. The annual output of the Kouilou Project is designed to be 60,000 tonnes. Recent magnesium alloy prices have been quoted in the range of US$2,800/tonne.

 

 

   

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