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Latrobe Magnesium raises funds to progress magnesium recovery project

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Latrobe Magnesium (ASX: LMG) has raised $400,000 to progress development of its Latrobe Valley magnesium project in Victoria.

The debt funding will allow the company to complete the tasks necessary to commercially demonstrate its process over the next four to five months.

The initial task involves preparation of a 500 kilogram sample of brown coal fly ash that will be sent to an operating smelter in China and processed to verify the production of magnesium in commercial conditions.

It will be followed up by the return of the material to Australia for a full suite of mortar and cement tests.

These tests will enable a more complete understanding of the properties of the company’s cementitious material and therefore its range of uses.

Upon achieving satisfactory results from the above work, it will commence negotiations for the sale of its magnesium and cementitious material to its prospective customers who have already indicated interest.

Latrobe intends to produce magnesium using its world-first patented extraction process, creating magnesium metal and cement products from industrial fly ash, which is currently a waste stream from brown coal power generation.

 

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Quick facts: Latrobe Magnesium Ltd

Price: 0.016 AUD

ASX:LMG
Market: ASX
Market Cap: $20.74 m
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