Its worth noting that OM Holdings OMH is also at SCORE Sarawak and was the first ferro alloy plant to be built there.
Most likely LMG will buy ferrosilicon from OM Holdings as its the largest FeSi producer in SE Asia outside China.
I did become a LMG shareholder on the back of this announcement as I know from my investment in OMH that Sarawak has the cheapest power in the world. Obviously LMG will not get the power as cheap as OMH as OMH has stated in webinars that the price for new power contracts will not be at the price of their 20 year power contract. That said, the price for power for LMG is most important and will be in the lowest quartile.
Obviously LMG has a long road ahead before its producing magnesium in Sarawak, however I believe the decision made by LMG is the correct one. The amount of time LMG has spent getting to this stage is astounding and makes one wonder how long it will take to get the project built and operational. Rather different to OMH who did what they planned and got the project off the ground quickly and now making good profits. ( US$197 million cash flow last 12 months and this was basically just 50% of project due to them only owning 75% previously and only 75% of furnaces operating).
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