Bahrain's Capivest to build a $1bn magnesium smelter.

14 July 2008
The Bahrain-based investment bank Capivest has announced plans to establish a BD377m ($1bn) company to build a magnesium smelter.

Capivest has signed an agreement representing a strategic alliance with TRU Group to oversee the technical and engineering arm of the company.

Initial production at the facility is estimated to be up to 60,000 tonnes per year. The smelter will produce pure magnesium metal and its downstream for high-quality magnesium alloy casting, magnesium extrusion and magnesium die casting.

The products are used mainly in aluminium smelters, the automotive and aircraft industries.

A location for the smelter has not been decided, but the new company will be based in the Middle East and North Africa region.

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