One of the world’s largest magnesium ore reserves has been discovered in Tropoje, Albania. According to drilling results and intensive study by Albanian Minerals and Bytyci SHPK’s engineers. This body of magnesium ore hold over 2 billion tons of mineral worth hundreds of billions of dollars.

 

Albanian Minerals President and CEO Sahit Muja said, “We have a lifetime mining permit to mine magnesium ore in Tropoje, Albania. The geologically proven reserves are 500 million tons of magnesium ore. The estimated reserves are 2 billion tons” .

 

Sahit Muja said, The magnesium content is + 55% this mine has the richest magnesium content in the world. The price of pure magnesium in today’s market is $3200 per metric ton. The price for raw magnesium is $100 FOB. The value of the raw material is $50 billion dollars for the proven reserves. The price for low-grade magnesium, battery-grade mischmetal is $25,626 per metric ton. If we produce pure magnesium the value hundreds of billions of dollars. The magnesium prices have hit $7000 dollars in 2008 before economic crises.

 

Albanian Minerals CEO Sahit Muja added that, Global need for Magnesium is accelerating and the production will not be able to meet the demands. Magnesium is used extensively in the steel industry, agriculture, energy sector, cars, construction, defense, manufacturing and chemical industry.

 

Sahit Muja said: Magnesium is set to become one of the world’s most important metals. Demand for magnesium has more than tripled between 2000 to 2010 and forecasts of demand growth or magnesium is driven both by the growth of developing economies and new emerging technologies. Magnesium stores about 10 times as much energy as hydrogen. Magnesium weighs only a quarter as much as steel and is 35% lighter than aluminum.

 

Mr. Muja said, “The need for lower emissions coupled with the development of electric vehicles continues to make light weighting a key strategic objective of all vehicle manufacturers and magnesium sheet can provide a further major contribution to its achievement”.

 

Toyota Motor Corp; the world’s largest seller of hybrid autos, said it’s developing a magnesium battery that holds twice the energy of lithium-ion cells as automakers seeks better ways to power electric cars. Japan, has developed an innovative technology capable of generating hydrogen energy at the world’s lowest cost.