Albanian Minerals President and CEO Sahit Muja said, “We have a lifetime mining permit to mine magnesium ore in Tropoje, Albania. The geologically proven reserves are 500 million tons of magnesium ore. The estimated reserves are 2 billion tons” .
Sahit Muja said, The Magnesium content is + 55% this mine has the richest magnesium content in the world. The price of pure Magnesium in today’s market is $3200 per metric ton. The price for raw magnesium is $100 FOB. The value of the raw material is $50 billion dollars for the proven reserves. The price for low-grade magnesium, battery-grade mischmetal is $25,626 per metric ton. If we produce pure magnesium the value hundreds of billions of dollars.The magnesium prices have hit $7000 dollars in 2008 before economic crises.
Albanian Minerals CEO Sahit Muja added that, global need for Magnesium is accelerating and the production will not be able to meet the demands. Magnesium is used extensively in the steel industry, agriculture, energy sector, cars, construction, defense, manufacturing and chemical industry.
Sahit Muja said: Magnesium is set to become one of the world’s most important metals. Demands for magnesium has more than tripled between 2000 to 2010 and forecasts of demand growth or magnesium is driven both by the growth of developing economies and new emerging technologies.Magnesium stores about 10 times as much energy as hydrogen. Magnesium weighs only a quarter as much as steel and is 35% lighter than aluminum.
Mr. Muja said, “The need for lower emissions coupled with the development of electric vehicles continues to make light weighting a key strategic objective of all vehicle manufacturers and magnesium sheet can provide a further major contribution to its achievement”.
Toyota Motor Corp; the world’s largest seller of hybrid autos, said it’s developing a magnesium battery that holds twice the energy of lithium-ion cells as automakers seeks better ways to power electric cars.
Sahit Muja added that, Magnesium ion is being proposed as an alternative to lithium ion because magnesium is more abundant and cheaper than lithium.
Japan, has developed an innovative technology capable of generating hydrogen energy at the world’s lowest cost.
This newly developed technology generates hydrogen by adding a magnesium to what is known as “functional water” in the boiling state. The amount of hydrogen generated 3.3L per 1g of magnesium.
Magnesium is highly reactive and stores a lot of energy. Researchers are now devising ways to extract energy from magnesium in a more controlled method
Researchers from North Carolina State University have developed a new technique for creating stronger, lightweight magnesium alloys that have potential structural applications in the automobile and aerospace industries,
By Anna Cohen
New York News