Metals and Mining company Latrobe Magnesium Limited bags a patent for India in respect to its unique hydromet process. On this good news, Latrobe Magnesium shares immediately surged up by 14.286% to last trade at $0.008 on 11 January 2019.
In media announcement to Australian Securities Exchange, Latrobe Magnesium Limited (ASX: LMG) announced that it had been granted an Indian patent for its 100% owned hydromet process. It comes in line to the European Union, USA, Australian, China and Indonesian patents that have already been granted to the company for 20 Years starting, commencing from 25 August 2011.
The hydromet process is the Latrobe’s unique process adopted for thermal reduction. It involves the chemical treatment of the spent fly ash from the electricity generation brown coal-powered plant to reduce iron, silicon, and Sulphur to acceptable levels so that the advantageous material can be utilized as feedstock in the process of thermal reduction. In this way, the company adopts an efficient method of producing magnesium and supplementary cementitious material production extracted from the fly ash of some of the brown coal electricity generators located across the globe.
India is highly dependent on Brown coal for power generation and is committed to bringing down the greenhouse gas emissions to a great extent both from car and power generation industries. LMG stated that its hydromet process of producing magnesium emits at least 60% less carbon compared to Chinese magnesium.
All the countries stated above are considered rich in large brown coal or lignite deposits. So far, Latrobe Magnesium has concentrated its operations broadly on the Latrobe Valley and Germany. In additions, the company is in talks with potential partners from other EU states and China and also intends to sell refined magnesium to Japanese, Australian and United States customers under a long-term contract.
Moreover, the company currently intends to finalize a bankable-feasible study concerning the validation of its combined hydromet or thermal reduction process undertaken for the extraction of metals. As per the company’s information, the construction of magnesium plant having 3,000 tonnes per annum capacity will be commenced in the last quarter of this year. However, production is scheduled to begin from 12 months following the construction, which will then be reportedly expanded to 40,000 tonnes per annum magnesium 18 months later. The plant will be in Victoria's Latrobe Valley that has immediate access to infrastructure, feedstock, and labor.
LMG is currently trading near to its lowest levels of $0.007. Moreover, in the past 12 months, the stock price has witnessed a negative performance change of 50.00% including a plunge of 12.50% in the last month.
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