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Nevada Clean Magnesium Inc. (TSXV:NVM) announced that together with ScanMag AS and two of its partners, it has formed a Norwegian Technical Development Company for the mutual development of the technical process. As quoted in the press release: As per the recently signed Joint Venture agreement announced June 22, 2015, NCM has contributed $3,000 USD …
Nevada Clean Magnesium Inc. (TSXV:NVM) announced that together with ScanMag AS and two of its partners, it has formed a Norwegian Technical Development Company for the mutual development of the technical process.
As quoted in the press release:
As per the recently signed Joint Venture agreement announced June 22, 2015, NCM has contributed $3,000 USD for administrative costs and the acquisition of 25% Meloy Innovation and Technology Centre AS, (“MITC”), a Norwegian technical development company formed by ScanMag As and two of ScanMag’s partners, Meloy Naeringsutvikling AS and MNU Meloy Innova AS. Each partner will now have a 25% interest in the company, with NCM and ScanMag sharing 50/50 on all the intellectual property and the technical developments. Edward Lee, CEO is to be appointed to the board of MITC representing NCM.
The Company is also pleased to announce MITC has also received a 1,500,000 NOK grant from Innovation Norway (a state-owned company and a national development bank.) through a collaborative application from the ScanMag and NCM team. MITC is now well funded starting with 3,000,000 NOK ($375,000 USD) of which includes ScanMag’s initial contribution. The partners are very pleased to have these funds and expect to begin and complete Phase 1 and 2 of the development programs.
Phase 1
Using a newly developed instrument that detects weight changes as material is heated, the raw materials intended for use in the magnesium reduction operation will be evaluated. This work will provide the fundamental engineering data needed to design the pilot scale facility.
Phase 2
A detailed model of the reduction process will be constructed to provide a complete, dynamic mass and energy balance of the proposed operation. This model will be used to optimize the process design.
In addition, a thermodynamic evaluation of an alternative reducing agent will be performed. If this study proves the alternative reductant to be viable and the Phase 1 data for this reductant is positive, the high cost ferrosilicon reductant may be replaced with the alternative reductant. The benefits of this may be less carbon emissions and lower cost to produce magnesium thermally.
Ed Lee, CEO of Nevada Clean Magnesium, commented:
It’s going to be very exciting to be a part of the development of the ScanMag facility as all the work carried out for this facility will definitely benefit our Tami-Mosi magnesium project in Nevada. Being able to lower capital investment risk by lowering the processing risks with a European partnership is more than we could ask for at this stage.
Click here to read the Nevada Clean Magnesium Inc. (TSXV:NVM) press release
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