Western magnesium to meet the growing demand in the automotive, aerospace and electronics industries

Western magnesium to meet the growing demand in the automotive, aerospace and electronics industries

Vancouver, British Columbia – News Direct – Western Magnesium Corporation

Western Magnesium Corporation

WASHINGTON, DC – TheNewswire – May 10, 2022 – New research in several critical sectors says the global metal magnesium market will grow nearly 50% by 2028, a surge that will give Western Magnesium Corporation (TSXV: WMG.V ) (OTC: MLYF) Frankfurt-3WM) (“Western Magnesium” or the “Company”) a significant advantage as the manufacturing capacity building process begins in North America.

Recent reports, including one published by Acumen Research and Consulting, predict that the $ 4.3 billion global market will be worth $ 6.4 billion by the end of the decade thanks to increased post-COVID 19 demand from industries. automotive, aerospace and electronics.

After record demand during the COVID pandemic, Acumen now believes the industry’s compound annual growth rate will be over 5% until 2028 when these industries recover. And while China supplied nearly 90 percent of the world’s magnesium, the report noted the difficulties Chinese producers have encountered in accessing the energy they need to keep up.

These obstacles in China have opened the doors to new production sites. Acumen noted that manufacturing is expected to grow in India and listed Western Magnesium Corporation as a “major player” that will shape manufacturing trends over the next few years.

The company’s senior management said the report reinforces their belief that the time has come to return magnesium production to North America, both for economic and national security reasons. Magnesium is used in the production of high-tech aluminum used in a wide range of civilian and defense goods, which means that restoring production in the Americas is more than just a matter of “work”.

Acumen noted that a number of production restrictions are the concern that “mining activities harm the surrounding environment”. But while mining has historically been an environmental challenge, Western Magnesium’s proprietary technology promises to provide this critical mineral with near-zero toxic byproducts.

“More than twenty years ago, North America gave up its quota of metallic magnesium production and gave up the market to China,” said Sam Ataya, executive president and CEO of Western Magnesium. “Now, with demand on the rise, we are going to bring manufacturing back and enable the United States to meet domestic needs first and then focus on providing global demand with the magnesium it needs to produce the next generation of goods. which will be the most ecological since the beginning of the industrial revolution.

“In the next few years, when the world buys magnesium to make the aluminum used in automobiles, airplanes and a range of electronic components, it will buy from America,” said Lisa Maxwell, global president and COO of Western Magnesium. “This brings us back to control of our destiny and reduces the threat that hiccups abroad pose to our economic and security goals.”

The company is expected to start producing metallic magnesium by the end of this month. The location of the first large-scale commercial plant will be in Harrison County, Ohio, and leadership is currently working to select future plant locations in the United States.

Speaking of western magnesium

Western Magnesium’s goal is to be a low-cost producer of primary green metallic magnesium, a strategic asset valued for its strength and lightness. Unlike outdated, expensive and highly polluting manufacturing processes, Western Magnesium intends to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs compared to current methods and processes, while respecting the environment.

Media Relations and Corporate Communications: Ashleigh Barry | abarry@westmagcorp.com | (202) 258-4453

Investor Relations: John Ulmer | jumer@westmagcorp.com | (604) 423-2709

Safe Harbor Statement

This press release contains statements involving expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company’s securities and stock exchange records. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. These forward-looking statements can be identified with words such as “could”, “should”, “expect”, “anticipate”, “believe”, “estimate”, “intend”, “plan” and other similar expressions. Our actual results could differ materially from those projected in these forward-looking statements due to certain factors that are not within the control of the Company. The Company warns readers not to place undue reliance on such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances subsequent to the date of such statements or to reflect the occurrence of anticipated or unforeseen events.

This press release does not constitute an offer to sell or a solicitation to offer to buy any of the securities described in this press release. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law and, accordingly, may not be offered or sold. within the United States, or to or on behalf or for the benefit of persons in the United States or “US Persons”, as defined in Regulation S enacted under the US Securities Act, unless registered under the US Securities Act and the applicable state securities laws or under an exemption from these registration requirements.

Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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View source version on newsdirect.com: https://newsdirect.com/news/western-magnesium-to-fill-surgeng-demand-in-auto-aerospace-electronics-industries-457188522

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