Alliance Magnesium secures funding for $143.7 million Quebec PlantAll Articles
Quebec manufacturer Alliance Magnesium will construct a new $143.7 million magnesium plant in the MRC des Sources region of southeastern Quebec.
The project, which will be carried out in Danville, will take place in two stages. A casting center will first be built to manufacture magnesium by recycling alloy products. The second stage involves the construction of a magnesium manufacturing unit from the extraction residues of an old chrysotile mine. The project will create 102 new jobs and 100 during the construction.
The government incentives consists of an equity investment of $13.4 million in share capital in the first stage of the project, through the Economic Development Fund, administered by Investissement Quebec. A loan of $12.5 million will be granted during the second stage.
“We are very proud to take this important step in creating jobs in a high-tech sector and developing our know-how in the production of this critical and strategic material in the most responsible way for the industry,” said Joel Fournier, Alliance Magnesium president and Chief Technology Officer.
This innovative project is leveraging the circular economy to develop new magnesium manufacturing processes. In demand in the automotive and aerospace industries, magnesium is one of the solutions favoring lighter structures in order to reduce greenhouse gas emissions. Alliance Magnesium is committed to fully comply with the government directives that will be issued after the BAPE recommendations concerning the safe recovery of asbestos mine tailings used in step 2. I am delighted that the government's support will allow us to start, as soon as this spring, construction work on the casting center, which will produce magnesium from recycled metal. Ultimately, this project Commercial demonstration plant will create 102 jobs in the Estrie region," said Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister responsible for the Lanaudiere region.
Alliance Magnesium is a mining company which develop patent-pending technology for the production of magnesium metal from serpentine mineral. The company was founded in 2003 and is headquartered in Danville, Quebec.
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