QUEBEC – Alliance Magnesium of Brossard, Que., has signed a financing agreement with the province’s Economic Development Fund for $30.9 million that will be applied toward building the first commercial phase of a plant in Danville. Quebec is offering a $17.5 million loan and $13.4 million for an equity interest.
The investment is part of a $104.9 million package that includes other institutional partners.
Alliance has run a successful electrolysis pilot plant. Plans are to complete the first commercial plant with a capacity of 5,000 t/y by the end of 2019. The plant will employ 63 workers. Serpentine rock from Thetford Mines and/or Asbestos City, will provide the raw material. The feed is 40% magnesium oxide, or 23.3% pure magnesium.
The second commercial phase is a 50,000-t/y plant that produces both magnesium metal and magnesium alloys.
Learn more about the uses of magnesium at www.AllianceMagnesium.com.