Light metals group Australian Magnesium Corp. Ltd. (AMC) recently announced that all conditions of its A$ 525 million public offer of Distribution Entitled Securities had been satisfied.
AMC has deli…
Light metals group Australian Magnesium Corp. Ltd. (AMC) recently announced that all conditions of its A$ 525 million public offer of Distribution Entitled Securities had been satisfied. AMC has delivered, and the Ford Motor Company has accepted, a notice of AMC“s intention to proceed with the development of the A$ 1.4 billion Stanwell magnesium project and a delivery schedule for magnesium shipments to Ford. The 10-year take-or-pay magnesium supply agreement between AMC and Ford is now unconditional. AMC will deliver to Ford up to 45,000 tons per annum magnesium alloys representing almost half of the proposed output of the Stanwell plant in central Queensland. AMC chairman Roland Williams said the Ford supply agreement was without peer in the magnesium industry. “The contract“s scale and its longevity reinforces AMC“s view of the growth potential of the magnesium market,” he said. “It also highlights the need by the automotive industry for large, consistent, quality supplies of light metals for the next generation of car platform designs. With all of the offer conditions now being satisfied, AMC and the joint lead managers to the offer were planning to meet to allot the Distribution Entitled Securities. Allotment was expected by 23 November with deferred settlement trading in the securities scheduled to commence on 26 November.