Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Samag Limited Investigates A Magnesium Plant In NZ

SAMAG LIMITED INVESTIGATES A MAGNESIUM PLANT IN NEW ZEALAND

SAMAG Limited, a wholly owned subsidiary of the Australian Stock Exchange listed Pima Mining NL, announced today it is investigating plans to establish a magnesium metal production facility in New Zealand.

“We are still in the feasibility stages but the case for building such a facility in New Zealand is looking strong,” said Pima Mining Chairman, Pat Elliott.

“We should have completed our preliminary investigations and have a better idea of how we should proceed within the next few weeks,” he said.

SAMAG Limited has already invested over A$20 million in an engineering, feasibility and environmental impact study for a similar facility at Port Pirie in South Australia. Financial close on that plant is expected late in 2001.

“The type of investment we have made in Australia shows we understand the need to tick all the boxes – both financial and environmental – before proceeding with such a facility,” said Mr Elliott.

“We would, obviously, do the same in New Zealand.”

Mr Elliott said SAMAG had access to well proven, environmentally responsible magnesium production technology. Its source of magnesium is from a SAMAG-owned 579 million tonne magnesite feedstock deposit at Leigh Creek, South Australia.

“SAMAG Limited owns the exclusive world rights to the proven Dow magnesium process. The Dow process has accounted for cumulative production of around 5.6 million tonnes of magnesium, more than all other magnesium production processes combined,” he said.

SAMAG is looking to New Zealand for a second plant as it anticipates the demand for magnesium will substantially increase over the next few years.

“Car manufacturers, in particular, are increasingly turning to magnesium to make lighter, more fuel efficient vehicles,” said Mr Elliott.

“As this use increases naturally enough so will the demand for magnesium.”

To cater for this anticipated demand the proposed New Zealand plant would have a capacity in excess of 50,000 tonnes per annum.

SAMAG is establishing a New Zealand-based company to advance the project which will take at least three to four years to progress. The New Zealand subsidiary would have a sub-license to use the Dow magnesium process technology and be provided with appropriate management and market access agreements.

“The latter is significant as SAMAG has an off-take agreement with ThyssenKrupp Metallurgie GmbH for all of its output which would be expanded to include the proposed New Zealand operations,” said Mr Elliott.

SAMAG anticipates that at an appropriate time New Zealand investors would be invited to participate in the local operation.
For further information:

Visit Pima’s website: www.pima.com.au

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news