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Latrobe Magnesium (LMG) continues to make significant strides marked by a series of recent developments that highlight our innovation, financial growth, and commitment to sustainable practices.
Recently, we received the Australian government and AusIndustry-approved $12.5 million R&D tax rebate for our ground-breaking patented magnesium hydrometallurgical extraction technology. This achievement, combined with an expected rebate of around $16 million for the 2024 financial year, positions us to completely clear our $26 million debt. It's a pivotal moment for us, underscoring the strength of our innovations and the potential they hold.
Our Chief Operating Officer, Ronan Gillen, recently spoke with Proactive about our successful $12 million raise from institutional investors, along with a $6 million fully underwritten entitlement offer. The enthusiasm and confidence in our vision has been immensely encouraging, with even our directors contributing $650K to the offer. These funds are instrumental in finalising our Demonstration Plant, which will support Magnesium Oxide (MgO) production, and in advancing R&D for our vertical retort technology in collaboration with CSIRO. Additionally, we’re initiating early planning work for our Stage 2, 10,000 tpa Commercial Plant— exciting steps forward in our mission to innovate and lead sustainable magnesium production.
On-site, our journey has been just as impactful. A key partnership with Kennards Hire has provided the essential mobile equipment needed to advance construction, demonstrating the importance of reliable and quality support in achieving project goals. The construction team, in collaboration with Mechanical Maintenance Solutions (Australia), has successfully erected a 60-tonne SCM silo. This silo will store carbon-free, environmentally sustainable Supplementary Cementitious Materials (SCM), a by-product with a chemistry similar to Portland cement, which is used as a cement replacement in concrete manufacturing.
In the Briquetting Area, the construction team is has completed the civil works required for the Ball Mill. This area will play a critical role in the production process, combining the patented Magnesium Oxide (MgO) with other reagents to create pillow-shaped briquettes, which are then ready for the thermal reduction process.
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Recycling metals not only conserves natural resources but also provides significant economic benefits. In 2020, recycled metals in the U.S. represented a dollar value of $26 billion. Yet, $28 billion worth of metals went unrecycled, representing a huge opportunity cost in terms of missed economic and environmental gains.
Latrobe Magnesium is revolutionising the supply of environmentally sustainable magnesium to the U.S., by creating magnesium from recycling fly ash - a waste product from brown coal generation.
Read the full Elements article here.
By securing solid financial backing, and making significant progress with on-site construction, we continue to advance towards completing our Demonstration Plant. We are leading the charge in decarbonising the magnesium industry, focusing on processing valuable magnesium-rich waste feedstocks with a keen eye on environmental sustainability.
Thank you for being part of our journey. Your support and belief in our mission drive us to continue innovating, growing, and contributing to a more sustainable future.