Xstrata plc has sold Xstrata Magnesium Corporation to Advanced Magnesium Alloys Corp. for $1.2 million. The major asset of XMC comprises a magnesium recycling plant in Anderson, Indiana. The transaction was effective the first of this month.
In 2000, the former Xstrata AG commissioned the plant to recycle scrap to produce magnesium alloy for the U.S. auto industry. The facility comprises two lines capable of processing 25,000 metric tons of magnesium scrap a year, with one line currently commissioned.
On-going ownership of the facility has not been consistent with Xstrata’s strategy of non-participation in smaller, niche businesses, and in the Group’s preliminary results announcement in February when the company discussed the possible sale of the business.
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