EcoMag Limited (EcoMag) is pleased to announce that the company's proposal for Northern Australia Infrastructure Facility (NAIF) funding has moved to the Due Diligence phase of NAIF's assessment process.
EcoMag utilises a proprietary technology to extract magnesium from a sustainable resource. The company recycles bitterns from Australia's largest solar saltworks to generate hydrated magnesium carbonate (HMC). EcoMag anticipates completion of a full scale plant around the end of 2019, capable of producing 80,000 tonnes per annum of HMC. This will become the seed chemical for a vertically integrated production chain of high value magnesium compounds for sale into international markets for industrial, environmental and specialty chemical applications.
The full-scale plant will be constructed in the Pilbara, in northern Western Australia, providing the remote region with much needed economic diversification away from reliance on iron ore, and vulnerability to commodity cycles. The plant will establish new manufacturing activity in northern Australia, boost economic growth in the region, generate construction and permanent employment, include improvements to local infrastructure, and help to attract other high value-added, technology related businesses.
"EcoMag's business is inherently sustainable and environmentally beneficial," the company's Chief Executive Officer Tony Crimmins said. "We intend for EcoMag, and hopefully Australia more broadly, to leverage opportunities emerging from the industrial transition to a low carbon and sustainable economy."
EcoMag's plant will provide environmental benefits. The elemental composition of EcoMag's residual bitterns is much closer to that of sea water in both relative and absolute terms, helping the local marine ecosystem. EcoMag's proprietary process also results in lower carbon emissions than traditional magnesium extraction methods, providing a global benefit.
EcoMag also plans to raise equity in an Initial Public Offering in early 2019 to fund the construction of the full-scale plant. The company will seek ethical investors and responsible investment funds as long-term partners in the building of an Australian based, global, sustainable and ethical specialty chemicals enterprise.
