Mil Resources (MGK)

Shares / Stock Code

MGK

Stock Exchange / Sharemarket

Australian Securities Exchange

MIL Resources Limited (MGK) is the exclusive global licensee of “Dow” magnesium smelting technology and is seeking to commercialise this technology with the establishment of a magnesium smelter plant. MGK was listed on the Australian stockmarket (ASX) on 23 November, 1989.

Magnesium International Ltd (MGK) listed on the Australian Stock Exchange in November 1989 as Pima Mining NL. The name change occurred in September 2002. In 1998 it entered into a JV with BHP for the Leigh Creek magnesite deposits. The company increased the resource base to a significant inventory by early 1999. By 2000 MGK had acquired the worldwide right to the Dow process. A sales off take agreement with TKMet was announced in 2001. MGK was renamed to its current name in November 2007.

MGK's differentiating factor relates to its tried and true world patent over the Dow chemical process for producing magnesium metal. This process will be used in the SAMAG project and operated in the US for many years. The critical characteristic of the Dow process is in the preparation of feed material prior to delivery to the electrolytic cells. Unlike Dow’s Freeport plant, MGK plans to use a magnesium chloride brine sourced from magnesite rather than seawater in the SAMAG project.

With no product as yet, MGK at this stage has no customers. However, MIL has achieved one of its key objectives by announcing a sales agreement with TKMet, a subsidiary of German industrial major Thyssen Krupp. The sales agreement with TKMet guarantees a base price for all magnesium metal production from the SAMAG project (84,000tpa) when and if it proceeds.

Mil Resources (MGK) Products and Services

  • Mineral exploration and investment in mining properties.

Mil Resources (MGK) Locations and Subsidiaries

Mil Resources Head Office
Suite 2, Level 3, 9-13 Young Street,, SYDNEY,
NSW, AUSTRALIA, 2000
Phone: (02) 9252 1505
Fax: (02) 9252 1507

Mil Resources (MGK) Share Price

Submitted by ASX Listed Company on 13 May, 2010 - 18:35

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