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Australia - Quay signs agreement with Chinese producer

<font size="2">Sydney -&nbsp; Quay Magnesium has signed a second Heads of Agreement with a major Chinese magnesium products producer to form a new Foreign Joint Venture (JV) company. </font>

<font size="2">The Chinese partner company is a long established manufacturer of pure magnesium and produces a range of magnesium products including magnesium </font><font size="2">automotive die castings and extrusions. </font>

<font size="2">Initial plans for the JV are for the re-development of an existing pure magnesium plant to 20,000 tpa capacity. </font>

<font size="2">The expansion has approval and construction will commence on the establishment of the JV, with an expectation of taking seven months to complete. </font>

<font size="2">The energy efficient technology employed for this facility will be the latest for magnesium production and the plant will meet all environmental </font><font size="2">operating regulations. </font>

<font size="2">If it proceeds, the JV will supply Quay with approximately 10,000 tpa of pure magnesium for its Nanjing alloy plant. The agreement gives Quay first </font><font size="2">option on any excess magnesium from the partner's volume of their shareholding. </font>

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