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General Magnesium Aiming to Begin Production Next Year
Nov. 23, 2015 10:00AM PST
Magnesium InvestingThe Timmins Press reported last week that General Magnesium is working towards starting up production at its mine in Timmins next year. The company recently signed a $4.9 billion off-take agreement for all of the magnesium set to be produced from the mine with Hunter Douglas Metals.
The Timmins Press reported last week that General Magnesium is working towards starting up production at its mine in Timmins next year. The company recently signed a $4.9 billion off-take agreement for all of the magnesium set to be produced from the mine with Hunter Douglas Metals.
As quoted in the publication:
This week, Quesnel announced the signing of two more agreements — one with Abbey Gold to process the ore from the Whitney talc magnesite deposit; the other with Haywood Securities, a financing house that will be taking General Magnesium from a privately financed company to one that is publicly sold on the stock market.
No financial details of either deal were released.
“As part of this Letter of Engagement, they’re raising money for us. I can’t disclose the details of it just yet, but what it does is get us to the first stage of commercial production,” Quesnel said. “And the way we do that is with the toll processing agreement (with Abbey Gold).”