Re, Queensland stumps up $3m for Magnis’s lithium battery...

Re, Queensland stumps up $3m for Magnis’s lithium battery gigafactory

I just hope...  that it will not end up like this  :

Plans to build magnesium smelter in Qld on verge of collapse

The World Today - Tuesday, 27 May , 2003

HAMISH ROBERTSON: Plans to build a $1.5 billion magnesium smelter in Central Queensland are again on the verge of collapse. Only last year, the project's owners, Australian Magnesium Corporation, managed to prop up their decade-old development proposal with a $300 million injection from the Queensland and Federal Governments.

But now, as Louise Willis reports, the AMC says it needs a new financial backer for the project to survive.


http://www.abc.net.au/worldtoday/content/2003/s865724.htm


Govts end AMC involvement
15 March 2004

The federal and Queensland governments have decided to end their involvement with Australian Magnesium Corporation in the wake of its failed magnesium smelter.
The $1.7 billion project in Stanwell, Queensland, was mothballed last June after it failed to secure a cornerstone investor.
The governments committed about $150 million each to the magnesium project - once expected to be the largest in the world, generating about $500 million a year.
The governments rejected the troubled company's proposed business plan, which would have left the door open to building a magnesium smelter in the future.
"(The governments) wish to exit their involvement with the AMC group as soon as possible," AustMag said in statement.
But they would consider exiting as secured creditors if most of the money and certain assets AustMag no longer needed were transferred to the governments, the statement said.
AustMag said it was considering the government's proposal and would respond shortly.

disallowed/business/govts-end-amc-involvement-20040315-gdijo5.html