Print article
Advanced Magnesium Limited (ANM) said Tuesday it would invest RMB 15,000,000 (A$2.8 million) for a 53% stake in Henan Keweier alloy materials Co., (“KWE”), a Chinese magnesium alloy producer.
The latter is set to begin production of magnesium at its new magnesium alloy plant from next month. The start-up capacity will be 10,000 tonnes per annum increasing to 30,000 tonnes per annum by the end of 2009.
Advanced Magnesium said it would pay for its stake through a private placement and rights issue.