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Print[Ferro-alloys.com]15 November 2013, Sydney Australia: Latrobe Magnesium Limited (ASX: LMG) has raised $400,000 in debt funding to progress the development of its Latrobe Valley magnesium project. This funding will allow LMG to complete the tasks necessary to commercially demonstrate its process over the next four to five months.
The initial task involves preparation of a 500kg sample of brown coal fly ash that will be sent to an operating smelter in China and processed to verify the production of magnesium in commercial conditions. This sample is being collected and will soon be shipped.
The second task is to return the Chinese-processed material to Australia for a full suite of mortar and cement tests. These tests will enable a more complete understanding of the properties of LMG’s cementitious material and therefore its range of uses.
LMG arranged the loan through Platinum Road.
The key terms of the facility are:
Term: 11 months to 13 October 2014
Repayment: Cash in full from the 2014 R&D tax rebate refund
Interest Rate: 15% pa payable in arrears.
Upon achieving satisfactory results from the above work, LMG will commence negotiations for the sale of its magnesium and cementitious material to its prospective customers who have already indicated interest.
(source: http://www.latrobemagnesium.com/)
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