Nevada Clean Magnesium Formally Secures JV With ScanMag

Nevada Clean Magnesium Formally Secures JV With ScanMag

It's been a long time coming, but Nevada Clean Magnesium has finally completed its joint venture agreement with Norwegian industrial minerals company ScanMag. The companies renegotiated the terms of their agreement back in January, but the deal has now been formally closed.

What is Magnesite?

Although over 80 minerals contain magnesium, only six are used for magnesium production.

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Company News

MGX Minerals Added to CSE Composite Index, Increases Financing

MGX Minerals Added to CSE Composite Index, Increases Financing

MGX Minerals Inc. (CSE:XMG) has been added to the Canadian Securities Exchange Composite Index, which measures market activity for securities listed on the Canadian Securities Exchange. MGX also announced an increase in its previously announced non-brokered private placement, to 2,000,000 shares at a price of CA$0.30 per share.

MGX Minerals Confirms Compatibility of Alternative Energy at Driftwood Creek Magnesium Project

MGX Minerals Confirms Compatibility of Alternative Energy at Driftwood Creek Magnesium Project

MGX Minerals Inc. (CSE:XMG) reported initial results from desktop analysis for the use of hydrogen rich synthesis fuel as the primary energy source for the calcining of magnesite ore at the Driftwood Creek magnesium project in BC: initial results indicate that Highbury Energy’s proprietary biomass conversion process can supply 93.3% of heat energy necessary to conduct magnesia calcining in engineering partner Industrial Furnace Company's multiple hearth furnace at Driftwood Creek.

Nevada Clean Magnesium, ScanMag AS Sign Joint Venture Agreement

Nevada Clean Magnesium, ScanMag AS Sign Joint Venture Agreement

Nevada Clean Magnesium (TSXV:NVM) formally completed its joint venture agreement with ScanMag AS of Norway previously announced on December 22, 2014. Under the Terms of Agreement, shares will be issued proportionally to receipt of monies starting with the initial payment of $2 million USD; $5 million USD investment from ScanMag AS into Nevada Clean Magnesium over 4 years, beginning with the first major payment of $2,000,000 within 12 months, followed by 36 monthly payments of $83.3 thousand USD.

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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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