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Marubeni investing C$16.7M in Alliance Magnesium

Japanese conglomerate Marubeni Corp. will pay C$16.7 million to acquire a stake in Alliance Magnesium Inc., a private Canadian firm, which plans to build a C$100 million magnesium ingot plant in Quebec.

The project will extract magnesium from tailings discharged from an abandoned mine and produce primary magnesium through electrolysis using hydropower.

Total magnesium output is estimated at 16,700 tonnes per annum, including production of magnesium alloy by recycling magnesium scrap. An expansion to 50,000 tonnes per annum is planned, according to a Dec. 12 release. Marubeni will also be entitled to a position on the Alliance Magnesium board.

Plant construction will start in 2020, with first production expected the same year. Full production is targeted in 2021.