(TheNewswire)
WASHINGTON, D.C. – TheNewswire – May 3, 2022 – Western Magnesium Corporation (TSXV:WMG.V) (OTC:MLYF) (Frankfurt:3WM) (“Western Magnesium” or the “Company”) today applauded a national effort that establishes an administration-wide policy aimed at securing domestic sources of critical minerals.
In a memo to the Secretary of Defense, President Joe Biden said developing a responsible industrial base that has access to critical minerals is “essential” to U.S. national security. “To promote the national defense, the United States must secure a reliable and sustainable supply of such strategic and critical materials,” the memo stated. “The United States shall, to the extent consistent with the promotion of the national defense, secure the supply of such materials through environmentally responsible domestic mining and processing; recycling and reuse; and recovery from unconventional and secondary sources, such as mine waste.”
Western Magnesium’s commercial pilot plant will commence “green” magnesium production operations later this month, an evolutionary approach and one that has not been seen in the decades since America outsourced the process of producing critical minerals with hazardous results.
Global supply chains for strategic materials were already tightening before the conflict between Russia and Ukraine developed. In response to these pressures, the Secretary of the Interior released a list of 50 critical minerals in February, including magnesium, which is critical to the availability of key magnesium alloys and the production of aluminum used in both defense and civilian goods. That list was developed under the Energy Act of 2020, a major step toward recognizing the importance that strategic minerals play in our defense posture.
Now, with additional national support, the U.S. is poised to reclaim its role as a major world manufacturer and strengthen our national security at the same time.
Executive President & CEO, Sam Ataya, stated, “America got a crash course in the fragility of the global supply chain in 2021, but 2022 is the year we can do something about it, and we’re grateful to see others recognize not just the problem, but the solution.”
President of Global Operations & COO, Lisa Maxwell, added, “We are working to reintroduce magnesium production into America in unprecedented ways and build an economy that not only creates skilled jobs that support our independence and national security but also protects the environment for future generations.”
The Company will soon produce magnesium using this innovative technology in Canada and is scouting sites in America for similar facilities that answer the Administration’s call to build a “robust, resilient, sustainable, and environmentally responsible domestic industrial base to meet the requirements of the clean energy economy.”
About Western Magnesium
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated, costly, and highly polluting production processes, Western Magnesium intends to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.
Media Relations & Corporate Communications: Ashleigh Barry | abarry@westmagcorp.com | (202) 258-4453
Investor Relations: John Ulmer | julmer@westmagcorp.com | (604) 423-2709
Safe Harbor Statement
This news release contains statements that involve 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 Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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