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MEI Online: Commodities: Metallic Ores: Magnesium: Latest News: October 11th 2004

 
 

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:: Magnesium International to Locate Smelter in the Middle East  

Magnesium International Ltd has decided to concentrate on potential locations in Qatar, Egypt and the United Arab Emirates for its planned 88,000 tonne per annum magnesium smelter following completion of a number of feasibility studies over the past three months.

MIL managing director Gordon Galt said: "We have been comparing three sites in the Middle East with two Queensland sites since June this year. Our studies show that a profitable project can be established in Australia, but significantly better returns will be generated for shareholders from the Middle East sites. The key advantages of the area are low energy (gas and power) costs, low labour and capital costs, lower transport and logistics costs and very favourable tax and duty regimes. With our proven Dow technology and these major cost advantages we believe that MIL can establish the world's lowest cost magnesium smelter in the Middle East region."

Galt said MIL's offtake contract with ThyssenKrupp Metallurgie will remain in place in the Middle East. TKM fully supports the proposed move of the project. They have visited the three prospective sites and are confident that the project can be successful in any of these potential locations,Galt said.

 

 

   

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