32.4 C
Belgrade
25/06/2024
Mining News

Magrathea raises US$10M funding for its magnesium metal pilot plant

Founded in 2022, Magrathea is developing an electrolytic magnesium extraction technique utilising seawater and brines, with the aim of significantly reducing the associated energy consumption and carbon emissions. Following the successful demonstration of a mini-pilot project, the raised funding will be allocated toward scaling up the project to a pilot phase.

The application of magnesium metal in the steel, alloys and metal industries makes it central to industrial development, with its demand estimated to grow by roughly 40% of the current market size over the next decade. However, its geographically localised production in China makes magnesium rank high on critical materials lists. In addition, the high energy costs and high carbon emissions associated with its production have been a limiting factor for the growth of this industry outside of China.

Supported by

Given the concerns relating to its environmental impact and localised production, several international projects have been under development outside of China to de-risk the magnesium metal supply chain. Furthermore, strategic investments have also seen a drive towards decarbonisation of this sector through the advancement of new processing technologies.

Once the technology has been successfully scaled up, Magrathea would represent a domestic source for the US market, which has historically imported magnesium metal from Russia and China to meet its demand.

 

Source: Project Blue

Related posts

Indonesia at the crossroads: Balancing economic growth, mineral wealth and sustainable development

David Lazarevic

Challenges and struggles in the DRC’s cobalt mining industry: Price drops, artisanal miners and sustainability

David Lazarevic

Nunavut’s high-purity iron gains critical status, boosting prospects for green steel and economic growth

David Lazarevic
error: Content is protected !!