Alliance Magnesium produces its first magnesium ingots and also obtains a $4.1 million loan
Alliance Magnesium is proud to announce the production of its first metal magnesium ingots at its Danville demonstration plant in Quebec. — Photo courtesy Alliance Magnesium
BROSSARD, QC, May 1, 2017 /CNW Telbec/ - ALLIANCE MAGNÉSIUM (AMI) is proud to announce the production of its first metal magnesium ingots at its Danville demonstration plant in Quebec. This achievement comes after four years of technological development, design and construction of a pilot plant. The ingots, which are now produced on a regular basis, are used to validate the manufacturing process developed by AMI and to collect the technical and economic information necessary for the subsequent phases of magnesium production.
"This is a crucial step in the development of AMI that has just been completed. It depends on the hard work of all our staff, as well as our financial, technical and government partners who share our ambition to become the greenest magnesium producer on the planet. "Said Dr. Joël Fournier, Chief Executive Officer of AMI.
AMI is also announcing a $4.1 million loan from the Fonds de diversification économique de la MRC des Sources, a fund created by the Government of Québec. The proceeds of this funding will go toward the operations of its pilot plant and the preparation of its $ 100 million commercial demonstration plant, which will take shape during the year and create more than 70 jobs.
"We are delighted to count the Regional Fund as one of our strategic partners in the evolution of our company," said Dr. Fournier. "This financial contribution demonstrates the recognition of AMI's business model as a key driver of the region's economic recovery and its positive impact on the community. " he added.
AMI has invested more than $12 million in the region over the past three years and directly and subcontracts more than 20 professionals and operators.
About Alliance Magnesium Inc.
Alliance Magnesium is a privately-owned Canadian company engaged in the production of magnesium metal and other valuable minerals from serpentine. AMI has developed an innovative technology and process that gives it a cleaner and less expensive approach than those currently used worldwide by magnesium producers. The new AMI process is an alternative to the thermal process, which is one of the most important sources of CO2 emissions in the world. AMI has developed a three-stage development program that will lead to an annual production of 50,000 tons in 2019 and the creation of more than 350 jobs. Additional information about AMI is available at: www.alliancemagnesium.com
SOURCE Alliance Magnesium Inc.
