I think you have to cut the company some slack. MIL has been pounded by the spectacular failure of two large projects, both attempting to pioneer new process technologies. As well, it was hit by the emergence of Chinese pidgeon production at a time when all western producers were under real pressure and some closed. Add into that mix the problems raising development capital in Australia (caused by the super fund levy of 9% concentrating savings of the nation in the hands of conservative fund managers understandably preferring proven earnings, and also the appalling development record of Australian projects both large and small). Add to that the fact that government, because of their commitment to AMC, have not so far found it in their plan to assist MIL at all (strange isn't it when the largest government contribution actually received by the company is that from the NZ Govt!!!) and the failure of their rights issue last year due to factors beyond their control and you get some understanding of what this company has been battling with.
I think it a credit to the board and management that they have hung in, determined to find a way to develop a profitable project. They still have the exclusive rights to the proven Dow process, and the Thyssen Krupp group is still there since they see the need to develop a secure western supply source that can expand and deliver low cost metal long term.
Re the last point, it is not generally known that the economics of making Mg are very similar to those for making Al when both are at the same scale.
Despite all the adverse developments, Mg demand is still growing, especially within China. There are doubts about China's ability to supply at the end of the decade, not least because of renminbi revaluation risk. The western world needs a reliable western supply source. MIL is the only company with proven process, advanced to the point where a project can be developed within a sensible time frame.
