The Magnola project in Quebec, aimed at developing a new magnesium production technology, is under review because of the excess capacity in the magnesium market and the economic environment, LavalinTech Inc. of Montreal reports.
LavalinTech says it plans discussions with joint venture partner Noranda Minerals, a unit of Noranda (TSE), about the project’s development. The project involves testing a process that extracts magnesium from asbestos tailings in the Thetford Mines, Que., area. LavalinTech says it still believes in the technical and economic merits of the project, but startup will be delayed.
In deciding to expense its investment in the project for its fiscal year ended Aug. 31, 1991, LavalinTech declared a net loss for the year of $3.1 million, compared to net income of $469,915 for the previous year.
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