The directors present their report on the consolidated entity. The Group consists of China Magnesium Corporation Limited (ASX:CMC), a public, limited liability company incorporated and domiciled in Australia, and the entities it controlled at the end of, or during the year ended 30 June 2017.
China Magnesium Corporation Ltd
China Magnesium Corporation Limited (ASX:CMC) owns a 91.25% interest in CMC China which owns a 100% interest in a magnesium ingot production operation.
The operations are licensed to expand output to 105,000tpa, which would make it one of the world''s largest magnesium producers. Studies have been completed which indicate a positive environment for CMC to conduct a major expansion of its magnesium operations.
CMC has converted its existing coal to gas plants to 5 semi-coke crackers (total semi-coke capacity 200,000 tpa) at the site of its existing 20,000 tpa capacity magnesium plant. Waste gas from semi-coke production is now used to provide the energy source required to produce magnesium. Consequently the combined semi-coke and magnesium plants are expected to significantly lower production costs than for magnesium-only production using the coal-to-gas facilities as originally envisaged when the magnesium plant was built.
China Magnesium Corporation Ltd (ASX:CMC) Greenbushes Lithium Desktop Review Confirms World-Class Potential
China Magnesium Corporation Ltd (ASX:CMC) advises it has completed a desktop review of the available geophysical and geological data in relation to its Greenbushes Lithium project.
China Magnesium Corporation Ltd (ASX:CMC) Positive Results from Greenbushes Aeromagnetic Interpretation
China Magnesium Corporation Ltd (ASX:CMC) is pleased to report that it has received independent interpretation of high-resolution, aeromagnetic, data conducted over its two tenements near Greenbushes WA at 200m spacing.
China Magnesium Corporation Ltd (ASX:CMC) Lithium Supply Cooperation Agreement with Qinghai Hengxinrong Lithium Technology
China Magnesium Corporation Limited (ASX:CMC) is pleased to advise that its wholly owned subsidiary, CMC Commodities Pte Ltd, has entered into a cooperation agreement with Qinghai Hengxinrong Lithium Technology Co., Ltd, which is proposing to grant CMC priority offtake rights to batterygrade lithium carbonate.
China Magnesium Corporation (ASX:CMC) advises that it has issued a further 39,548,960 shares and 19,774,480 options pursuant to shortfall applications for its $2 million rights issue announced 28 October 2016. The shares and options were issued to underwriters and other investors, and are in addition to the issues of shares and options announced on 30 November 2016.
China Magnesium Corporation Limited (ASX:CMC) ("CMC" or "the Company") advises that it has formed the project company ("CMC Lithium") for its Greenbushes Lithium project and agreed to assign its rights in the project to CMC Lithium.
At the Annual General Meeting held in Brisbane today, Managing Director, Mr Tom Blackhurst updated shareholders regarding activities which have CMC well positioned for growth into 2017.
China Magnesium Corporation Ltd (ASX:CMC) is pleased to provide the company's AGM Presentation.
China Magnesium Corporation Ltd (ASX:CMC) $2M Non-Renounceable Rights Issue of Shares and Listed Options
China Magnesium (ASX:CMC) announces a pro rata non renounceable rights issue of fully paid ordinary shares at $0.025 each (a 20% discount to the 30 day VWAP). Rights are offered on the basis of one (1) share for every 2.4378 shares held at the record date, together with one free listed option (exercisable at $0.05] on or before 8 December 2017) for every two (2) new shares offered ("Offer").
China Magnesium Corporation Ltd (ASX:CMC) is pleased to advise that it has secured a 40% interest in a funded lithium exploration project in the world-class Greenbushes area of Western Australia, through a proposed joint venture with a company associated with a diversified Chinese lithium concentrate producer and processor.