Korab Resources Gains 50 Percent on Magnesite Offtake

Korab Resources Gains 50 Percent on Magnesite Offtake

The magnesium space is usually fairly quiet, but there was some news on the magnesite front from Australia on Wednesday. Korab Resources announced an offtake agreement for magnesite production from its Winchester mine over seven years, and the company's stock shot up 50 percent on the news.

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Company News

MagCorp Creditors Seek $118 Million from Billionaire

Bloomberg reported that Magnesium Corporation of America creditors are seeking $118 millions from billionaire Ira Rennert after he allegedly siphoned over $100 million from the company.

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Market News

Blue LED Production Fails Because of Magnesium

Scientific American reported that UK scientists think that the difficulty in making blue LEDs could be attributed to magnesium, a key ingredient in making the semiconductor sandwich required for such LEDs.

Iran to Launch First Magnesium Plant This Week

According to Iranian Fars news agency, the country's first magnesium plant will be inaugurated this week. According to Azer News, the plant will be able to produce up to 6,000 metric tonnes of the metal each year.

Magnesium Fire Breaks Out at Houston Business Park

The Houston Chronicle reported that a magnesium fire broke out at a heat-treating business in Texas. Officials have said that the fire does not pose any danger to the public.

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