Vancouver, British Columbia (November 10, 2015) –
MAG ONE Products’ application for a grant from the Canadian Government’s Industrial Research Assistance Program (IRAP) has been approved. The National Research Council’s program is Canada’s premier innovation assistance program for small and medium-sized enterprises and is regarded world-wide as one of the best programs of its kind. As each IRAP application is reviewed by a specialist in the specific commercial sector to which a grant application relates, a grant approval is a strong endorsement of a company’s technology.
Dr. James G. Blencoe, CTO and co-chairman, said: We are looking forward to working closely with IRAP to ensure that profitable, large-scale Canadian manufacturing of magnesium is initiated at the earliest possible time.”
MAG ONE’s game-changing, thermal magnesium (Mg) processing technology is targeted to produce 99.9% pure magnesium ingots at a cost that is at least 25% lower than current global magnesium production technologies. This cost reduction is partly due to MAG ONE’s modular expansion strategy, which ensures that capital expenditures for plant construction will be much lower than they are for competing electrolytic magnesium manufacturing facilities.
MAG ONE has recently gained access to 30 million tonnes of magnesium ore at a price of $1.50 per tonne. This ore, which is sitting on the surface in Quebec, Canada, contains approximately 23% magnesium, and is sufficient for 70 years of production of magnesium metal at the target capacity of 100,000 tonnes annually.
There are many exciting new developing markets for the metal, particularly in the automotive industry where magnesium could reduce the weight per vehicle by 15% or an average of 500 lbs.