Quay Magnesium Limited
Quay Magnesium Limited (ASX:QMG)(PINK:QYMGF) has formed a European sales and marketing company, Quay Magnesium GmbH.
Quay Magnesium Limited (Quay)(ASX:QMG)(PINK:QYMGF) has joined the Magnesium REACH consortium (MaREC). This is a consortium of leading users and manufacturers of magnesium products and is based in Germany. MaREC will develop the registration data and information required to register magnesium products for entry to the European Union (EU) after 2010.
Quay Magnesium Limited (ASX:QMG)(Quay) is pleased to announce that it has secured a USD 10 million revolving credit facility to fund working capital requirements at its Nanjing plant. This facility has been provided by a leading London based global financial institution.
Quay Magnesium Limited (Quay)(ASX:QMG)(PINK:QYMGF) is pleased to announce that production and shipments have recommenced from its Nanjing alloy plant following a fire on 25 April.
On 25 March and 21 April 2008 Quay Magnesium Limited (Quay)(ASX:QMG) announced the signing of Heads of Agreement for the potential acquisition of interests in two pure magnesium plants to supply feedstock for its Nanjing alloy plant. Due diligence has been completed on both potential targets and a decision has been made to proceed with one of these.
Quay Magnesium Limited (ASX: QMG)(PNK: QYMGF) is pleased to announce it has signed a second Heads of Agreement with a major Chinese magnesium products producer to form a new Foreign Joint Venture (JV) company. The Chinese partner company is a long established manufacturer of pure magnesium and produces a range of magnesium products including magnesium automotive die castings and extrusions.