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Australian Magnesium Hope to Sell off Magnesia Business

Oct 5 2004

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In a recent letter to its shareholders, Australian Magnesium has asked them to approve a sale of their Queensland Magnesia business and Kunwarara magnesite deposit to Resource Capital Funds III for $8 in cash and the assumption of $58.5 million of debt. As part of this deal, Newmont Australia will forgive $7.8 million of debt.

If the deal is completed, Australian Magnesium will emerge debt free, after its experience resulting in the demise of its magnesium project.

After the intended sale, Australian Magnesium will concentrate on their AM Technologies business which specialises in magnesium alloys and technologies.

For more information on magnesia, click here.

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