A bit of interest in this one lately. Almost finished their bank feasibility study for their project. They are going to build a factory that will collect fly ash from coal power plants and extract the magnesium. Hopefully, when it is up and running, it will be able to produce 100,000 tonnes of magnesium a year. Essentially it is turning a waste product into a profitable resource.
They will hopefully begin construction of the production plant in 2007 with full production predicted by 2010.
Although a long term buy, at 1.7 cents per share (and a market cap of about 7 million) it seems ridiculously cheap at current prices. In a few years as we draw nearer to production I can see this stock climbing to a few dollars.
I have recently bought a punt amount for the long term.
Good luck to all LMG holders
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