It has a clean sheet and the technology is very good and world...

It has a clean sheet and the technology is very good and world class. With the drive to reduce petrol consumption Mg will play a role ij reducing auto weight to improve fuel consumption. I think it a question of time not if the technology is adopted.

I hold, with a price of 0.9c per share it is worth a punt.

Regards


AMC eliminates all external debt & focuses on
Advanced Magnesium
Australian Magnesium Corporation’s (AMC) consolidated loss for the year was $0.32 million,
due to sale of the QMAG business, repaying QMAG debt and pursuing the Advanced
Magnesium Technologies business. This compares to a profit of $77.7 million in the previous
year due principally to the restructure of government debt.
AMC’s Managing Director, Mr Hartnell said, “in the past twelve months, AMT has made
considerable progress in its strategy to re-position the company and build a business based
on its portfolio of world-class technologies. AMC now has a debt free balance sheet with $7.2
million in cash.”
Highlights include:
• The sale of the QMAG business and the repayment of some $60 million of bank
debts.
• Completing the rehabilitation of the Gladstone Demonstration Plant site and
surrendering the lease.
• Continuing with the sale of Stanwell Magnesium Plant assets.
• Progress on negotiations to cancel the non-current liability of US$4.3 million relating to
technology licenses associated with the cancelled Stanwell Magnesium Project.
• Retention and re-engagement of a global team of 18 highly skilled specialists which
form one of the core assets of AMT.
• Development and successful commercial launch of two new exciting magnesium
alloys for engine blocks and decoratively finished components.
• Establishment of exclusive arrangements to manufacture AMT’s products under
license in China, Japan, Europe and North America.
• Selection of marketing agents for China, Japan, Korea and Taiwan.
Mr Hartnell added that, “progress with the development of AMT, including business and
operating costs, are in line with internal estimates. Future growth options driven by new
product launches are exceeding expectations.”
In particular the new magnesium diecasting alloy, AM-lite, has demonstrated outstanding
properties and is arousing considerable interest in the market.
AM-lite offers significant commercial and technical advantages for decoratively finished
components that would otherwise be made from either zinc, aluminium, plastic or the
commonly used magnesium alloy AZ91D. Cost savings for finished electroplated or coated
components made from AM-lite range from an estimated 10-30% in comparison with zinc
components to 30-50% in comparison with the existing magnesium alloy AZ91D.
Mr Hartnell reiterated that “all of these developments are positive, and the result of a lot of
hard work by the global team and the Australian research community. AMT will look to
accelerate the commercial development of intellectual property and take advantage of exciting
market opportunities.”