Australia's Latrobe Magnesium surges after outlining US plant plans

Latrobe Magnesium

15/09/2026 05:22

Sept 15 (Reuters) - Australia's Latrobe Magnesium LMG.AX unveiled plans on Tuesday to build a magnesium plant in the U.S. with an estimated capital cost of $1.1 billion to $1.5 billion to tap into the North American market, sending its shares up 80% in intraday trade.

Here are some more details:
Shares of the Sydney-based company were last up 50% at 0420 GMT, heading for their biggest one-day gain in nearly five years.
The magnesium producer said the project will be the first commercial-scale magnesium-producing plant in North America, delivering for the U.S. defence, which faces a supply shortage.
The company said it aims to build a 50,000-metric-ton-per-annum (ktpa) plant, which can be expanded to 100 ktpa.
First production is targeted in 2030, the firm said.

 (Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Subhranshu Sahu)
 ((Aamir.SheikKhalid@thomsonreuters.com;))