QMAG carries on in face of AMC restructure

摘要

SPECULATION as to the future of Australian magnesite producer QMAG followed recent announcements from its parent company, Australian Magnesium Corp. (AMC), regarding a suspension in trading AMC shares on 5 June and a restructure agreement signed on 13 June. AMC's 97,000 tpa Stanwell Magnesium Project in Queensland was scheduled to come on line early in 2005. However having completed just 5 percent of the plant's construction, and after failing to secure a new partner for the 1,700m Australia dollars. project, AMC, which was estimated to have less than 100m Australia dollars. left in the bank in early June, faced the prospect of liquidation with debts approaching 500m Australia dollars. After AMC share trading was suspended on 5 June, AMC signed a restructure agreement on 13 June and will now develop a revised magnesium business plan.