Apr 13 2006
Magnesium International Limited has announced that the Egyptian Magnesium Company S.A.E. (“EMAG”) has been granted the environmental approval for the proposed primary magnesium smelter to be established at Sokhna, Egypt.
The approval has been advised by Red Sea Ports Authority, the approving authority and follows the detailed evaluation of EMAG’s Environmental Impact Assessment by the Egypt Environmental Affairs Agency, in accordance with Law no. 4 of 1994.
EMAG will be operating the smelter to the highest environmental standards and in accordance with the Equator Principles set out by the World Bank/IFC.
This approval is a major milestone for the EMAG project.
EMAG is close to finalising the major contracts for the supply of power, gas and water and is working on the further environmental approvals for the drying pit for solid plant residues. These residues are benign non-toxic residues from the leach of the magnesite feedstock and comprise talc, albite and other silicates which will be neutralized before placing in the drying pit.
EMAG is currently 50% owned by MIL but will become 100% owned, subject to MIL Shareholders Approval at a General Meeting to be held on 17 May 2006.
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