The government of Canada is investing $12 million in Alliance Magnesium (AMI). The funding is being provided by Sustainable Development Technology Canada (SDTC), which works with Canadian companies to bring clean technologies to market.
Decades of chrysotile-asbestos mining in Québec generated huge tailings of serpentine rock with 23.3% magnesium metal content. Alliance Magnesium Inc is a privately-owned Canadian company that has developed a patented electrolysis clean tech technology for the production of magnesium (Mg) from serpentine.
Building on the success of its pilot plant in Québec, Alliance Magnesium will use the SDTC funding to support the second phase of demonstrating its clean magnesium production technology.
In August, Alliance Magnesium announced signed a financing agreement with Investissement Québec and the Government of Québec’s Economic Development Fund in the amount of $30.9 million for the construction of its First Commercial Phase at its facility in Danville, Québec. This investment is part of a $104.9-million financial package which includes other institutional partners. The financing is in the form of a $17.5 million loan and a $13.4 million equity interest.