Latrobe Magnesium Receives $2 Million Non-Dilutive Prepayment From US Distribution Partner, Shares Up 5%

MT Newswires Live03-31

Latrobe Magnesium (ASX:LMG) said its US distribution partner Metal Exchange (MX) paid $2 million as a prepayment on future deliveries of magnesium metal from its stage 1 demonstration plant in Victoria, according to a Tuesday Australian bourse filing.

The company said the prepayment is non-dilutive and will be recovered by MX through a margin-sharing arrangement on magnesium metal sales up to the prepayment amount.

The company will use the funds to support the delivery of its Phase 1B project, which commenced on March 23, comprising the installation and commissioning of previously purchased equipment to complete the pyromet component of the demonstration plant and produce magnesium metal, the filing added.

First magnesium metal deliveries from the offtake deal are expected to start in second half of the year, the filing added.

The company's shares rose 5% in recent Tuesday trade.

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