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MGX Minerals to break North America monopoly with Canadian magnesium project

“Canada has not produced [magnesium] in the last 15 years. We’re hoping to turn that around,” says Jared Lazerson, chief executive of Canadian mining company MGX Minerals (CNSX:XMG).

MGX has just reported a maiden resource for the Driftwood Creek magnesium project in Canada's British Columbia which Lazerson describes as a highly economic, very large resource which is already attracting the attention of a “variety of groups interested in us cranking up magnesia.”  Lazerson won’t say who has made approaches but the clue lies here. “Right now the aerospace industry and the automotive industry in the US is hurting because of the monopoly situation, a single supplier with tariffs protecting their price.”  Lack of competition and that high tariff situation, Lazerson says has pushed the cost of magnesium in the US to US$4000 a tonne, but the MGX project would change that. “Selling into the US as a Canadian producer we would not be subject to the same tariffs that China and Russia are subject to which is an almost 100% tariff.”

With a highly supportive investor base and hopes of swift granting of operating permits Lazerson’s aiming for magnesium oxide production within a year and magnesium metal in two. “The possibility of being a primary producer of magnesium, the second only in North America  is really quite inspiring," he added.

Quick facts: MGX Minerals Inc.

Price: 0.08 CAD

Market: CSE
Market Cap: $11.23 m

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