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Tuesday, May 21, 2024

United States, China, Korea, and Canada Join Forces in New Trans-Pacific Magnesium Alliance

Galaxy Magnesium and L&J Holdings have recently signed a contract and cooperation agreement with the goal of expanding global magnesium markets. The agreement includes the delivery of an initial 500 metric tonnes of pure ingot magnesium from Galaxy’s network of mines and production facilities in north-central China to the dock and warehouse of L&J Holdings in Pusan, Korea. With demand expected to increase, this shipment is planned to become a regular monthly delivery to major industries in Korea.

Based in Honolulu with executive offices in New York, Galaxy Magnesium is partnering with L&J Holdings, which is based in Pusan, Korea, and has dock and warehouse facilities in Pusan and Seoul-Incheon. Galaxy also has a mining ally in Canada, thus creating a new trans-Pacific commercial alliance that brings together the USA, China, Korea, and Canada.

Jong Kwang Chul, President of L&J, expressed excitement about this partnership, highlighting magnesium’s potential for significant market growth given its versatile applications as a light, green metal. Michael North, co-founder of Galaxy Trade and Technology, also emphasized the potential of magnesium, stating, “Korea built its post-war economy on steel, and its ability to secure large quantities of cost-effective iron ore made Korea into a leader in global steel markets. Now they’re well-positioned to make a similar move with magnesium, which works well with other elements to form the basis of a lighter, more ecologically-balanced future for metals in the world economy.”

The partnership not only benefits the involved entities but also aims to contribute to a global ecological balance. Xiao-fang Zhou North, President of Galaxy China, stated, “Bringing top scientists and manufacturers in China, where 70% of the world’s commercial magnesium is mined, together with international developers like L&J Holdings, creates growing value for everyone.”

Galaxy Magnesium is working to bring a new source of magnesium from Canada to world markets, which is economical to refine and requires less energy. The ultimate goal of this partnership is to unite key resources, companies, and individuals from six nations—Korea, the United States, China, Canada, Indonesia, and the Philippines. This aims to create a relationship of mutual benefit and friendship, dedicated to a sound, intelligent, green future for the planet.

Michael North concluded by emphasizing the importance of strong economic ties and technology interconnections in moving the global economy forward in a clean, green manner. He expressed confidence in the shared ecological civilization and the readiness of their friends in China to do their part in leading it.

The significance of this partnership extends beyond the involved entities and has the potential to impact industries across various sectors, including automotive, aerospace, construction, energy, nutrition, and pharmaceuticals. With this alliance, the future of magnesium in the world economy looks promising, as it aligns with the commitment to a sustainable and ecologically-balanced future.

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