Product category:
Metals processing plant and equipment
News Release from: CSIRO | Subject: CSIRO
Edited by the Manufacturingtalk Editorial
Team on 01 May 2003
MIL negotiates magnesium venture with
CSIRO
CSIRO and Magnesium International have announced that they have signed a conditional Term Sheet to enter into a venture to manufacture magnesium sheet using CSIRO Twin Roll Casting Technology.
CSIRO and Magnesium International have announced that they have signed a conditional Term Sheet to enter into a venture to manufacture magnesium sheet metal using CSIRO Technology The Twin Roll Casting Technology has been developed by CSIRO's Division of Manufacturing and Infrastructure Technology (CMIT), and has the potential to produce high quality thin magnesium sheet using less energy than traditional rolling processes
This article was originally published on Manufacturingtalk on 7 Jul 2008 at 8.00am (UK)
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"CSIRO is excited about the possibility of working with Magnesium International to facilitate the scale-up of our new production process and bring a value-added step to Australia's newest metal industry," says Larry Little, Chief of CMIT.
Over the coming weeks CSIRO will further refine details of the proposed joint venture and seek internal and Government signoff.
MIL's Managing Director, Gordon Galt, says "MIL is very enthusiastic about this opportunity.
The venture should be in production early next financial year, and a number of potential customers have already been identified.
We expect that the venture will become profitable by the end of our first full production year".
CSIRO's Twin Roll Casting Technology was offered worldwide in a tender process to major magnesium industry players during 2002, with MIL being chosen as the preferred tenderer.
Magnesium sheet is currently used in the electronics industry in a range of applications including computer casings, mini-disc covers, digital cameras and mobile phones and has other potential uses.
The proposal is for MIL to initially hold 40% of the venture with an option to purchase a further 10% from CSIRO.
MIL would also have a right of pre-emption should CSIRO decide to sell their interest.
The option and the pre-emption rights would allow for independent valuation to determine the price.
MIL will make a series of payments in return for its initial 40% shareholding.
The proposed venture plans to increase production from a pilot scale plant to a full-scale plant in stages as various milestones are met.
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