Magrathea Signed A Metal Magnesium Purchase Agreement With Wogen

HOUSTON, January 8th (Argus) - Magrathea, an emerging magnesium producer in the United States, announced on Wednesday that it has signed a purchase and distribution agreement with the British metal trading company Wogen for the magnesium produced by a proposed smelter in Arkansas. As part of the deal, Wogen will also invest $10 million as working capital for Magrathea's new smelter's "commercial phase two". Magrathea signed a term sheet with Tetra Technologies, headquartered in Texas, in December to form a joint venture aimed at incorporating Magrathea's electrolysis technology for extracting magnesium from seawater and saltwater into Tetra's brown oilfield project. The company plans to establish a commercial-scale magnesium plant at Tetra's bromine plant, which is supported by the US Department of Defense and is scheduled to start operations by the end of 2027. According to Magrathea, this plant will be the only magnesium smelter in the United States. In addition to this deal, Magrathea has an approximately 200,000 tons per year non-binding purchase agreement and plans to supply up to 7,000 tons per year of magnesium to the market by 2029.