Magnesium price Sept. 2021, $US 4.50 per pound, currently down 75%.
Magnesium price Oct. 2024 $US 1.16 per pound, down 13% this year.
Town: Rossland, BC
Mine, All Mine!
Submitted by QwertyPie on Tue, 29/10/2024 - 1:48pm
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I'm not sure what the message is here, but let's add one additional data point for context:
Magnesium price Sept. 2020, $US 0.86 per pound
Magnesium price Sept. 2021, $US 4.50 per pound
Magnesium price Oct. 2024 $US 1.16 per pound
Not particularly relevant to use a massive COVID spike of a commodity price as your benchmark.
Also worth noting that MgO the RR Mine would produce (W.H.Y economic basis @ $US 0.75 per pound) is not the same as magnesium metal, although it's likely their prices are correlated.
2021 spike was exactly why we need a Canadian supply Mgo because it was caused by china halting production and came back down after restarting the supply. the dominate the industry as it is
It is sad that some people would push for this mine out of the self interest of making money (maybe they bought WHY stock at a low price point) - even knowing that a community doesn't want it and that it would harm the environment. There is a word for this....just trying to think of it.....
Yeah, and WHY will help destroy Chinese domination in industry by delivering ore to the US-Chinese venture registered in Honolulu with smelters in China. Of course this is just a letter of intent (https://galaxymagnesium.com/press/why-resources-galaxy-letter-of-intent/), but please stop brainwashing people that anybody there is doing it for patriotic reasons. Ore will go to the highest bidder unless federal government steps in.